Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

If you were letting a house through an Agency, how much tax do you pay?

  • 08-01-2008 10:24am
    #1
    Closed Accounts Posts: 647 ✭✭✭


    Renting out a house, how much tax would you pay?


Comments

  • Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    It depends on a whole lot of factors- principally of which is what your eligible costs are before calculation of your taxable rental income. If you have very high costs (for example mortgage repayments and depreciation of furniture and fittings) its entirely possible that you may not have any taxable income. You need to have an accountant sit down and study your figures.


  • Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    Note, you can only offset the interest for tax purposes, not the capital repayment.


  • Closed Accounts Posts: 647 ✭✭✭Glacier


    There is no mortgage on the house. Does that matter?

    Also, does anyone know a good agency that does this? Can you ever be sure that you get decent tenants?


  • Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Glacier wrote:
    There is no mortgage on the house. Does that matter?

    Also, does anyone know a good agency that does this? Can you ever be sure that you get decent tenants?

    The lack of any mortgage- means you are not paying interest on a mortgage on the house- which would be an allowable expense before calculation of your taxable rental income. It means your tax bill will likely be a lot higher than it would be for a buy-to-let landlord who has his/her house financed with a 100% mortgage- but then again it also means you are insulated from rates going up and down.

    You can never be certain of decent tenants- you have to exercise your own judgement to a certain extent and accept the outcome.....


  • Closed Accounts Posts: 647 ✭✭✭Glacier


    But if you did it with a reputable Agency, you should be ok, though?


  • Advertisement
  • Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Glacier wrote: »
    But if you did it with a reputable Agency, you should be ok, though?

    Probably- but nothing is definite in life......
    You are taking a chance one way or the other- odds are you would get someone who would take very good care of your house for you and treat it as their own- but they are strangers to you- so you should ensure that due attention is paid to choosing tenants.


  • Closed Accounts Posts: 647 ✭✭✭Glacier


    Has anyone actually ever done this? Renting a house while you're out of the Country?


Advertisement