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Mortgage interest relief & revenue

  • 05-07-2015 10:58am
    #1
    monkey8
    Registered Users Posts: 386 ✭✭


    I have rented out a one bed apartment and didn't realise that I would lose mortgage interest relief on it. Got a letter from revenue to say they had information that we may not be entitled to it.
    I want to let them know that I didn't know about it and send them all the relevant details.

    I was going to send them a copy of the lease when we started renting it out.
    What other details will revenue require? Do they look for bank statements etc.?


Comments

  • #2
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,085 ✭✭✭relax carry on


    monkey8 wrote: »
    I have rented out a one bed apartment and didn't realise that I would lose mortgage interest relief on it. Got a letter from revenue to say they had information that we may not be entitled to it.
    I want to let them know that I didn't know about it and send them all the relevant details.

    I was going to send them a copy of the lease when we started renting it out.
    What other details will revenue require? Do they look for bank statements etc.?

    When did you rent out the apartment? Did you register with the PRTB? Did you file income tax returns?

    Basically you should lose the TRS from day one of the rental. You are able to offset 75% of the mortgage interest against the rental income if the tenancies were registered with the prtb.


  • #3
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    You need an accountant to sort this out. There is a whole lot more at play here and TRS taken when it is not due is only the start. There is income tax, possibly claw back of stamp duty, interest and penalties just to begin with. It is not a time for a novice to work it out on the fly basically saying "I didnt know" .

    dbran


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