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Rent principal house

  • 29-04-2009 7:44pm
    #1
    yam
    Registered Users, Registered Users 2 Posts: 6 ✭


    Hi,

    Please some one can advice me.
    I ahve one bed room house, which is not enough for my family i am looking to Rent this house and move to 2 bed rented house.
    Do I need to pay any TaX on the Rental income for my own house.
    Anyway i will be paying the rent more then what i am getting.

    how does renting principal private residence and stay in rented house works?


Comments

  • #2
    Xiney
    Registered Users, Registered Users 2 Posts: 8,085 ✭✭✭Xiney


    Yes, you will have to pay tax on the rental income. Also, it is no longer your principal private residence if you are not living in it.


  • #3
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,289 ✭✭✭✭Mrs OBumble


    What you are paying to rent a larger house is irrelevant.

    Your income from renting out any property you own is taxable (the only exception is if you are living in the house and choose to rent out a room ... or maybe two, I'm not sure of the limit).

    However what it costs you to run the property you rent out is probably deductible expenses. Things like maintenance costs, insurance (don't forget to arrange landlords insurance for the property, it will cost more than your usual house insurance), advertising to get tenants, and maybe even the interest if you have a mortgage.


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