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Tax on rental income

  • 15-06-2009 5:19pm
    #1
    orchidsrpretty
    Registered Users, Registered Users 2 Posts: 2,148 ✭✭✭


    I am thinking of renting out my house soon but am still a bit fuzzy on a couple of things.

    1. As a student, will I still have to pay tax on the rental income? I work part-time and do not earn enough to pay tax.

    2. Will I lose my TRS? I bought the house just over 2 years ago.

    Thanks.


Comments

  • #2
    bop1977
    Registered Users, Registered Users 2 Posts: 1,066 ✭✭✭bop1977


    orchidsrpretty wrote: »
    I am thinking of renting out my house soon but am still a bit fuzzy on a couple of things.

    1. As a student, will I still have to pay tax on the rental income? I work part-time and do not earn enough to pay tax.

    2. Will I lose my TRS? I bought the house just over 2 years ago.

    Thanks.


    if you move out completely you will lose the TRS. TRS is only paid where the house is your main principle private resedance. you will also have to pay tax but an accountant will help you out with that.

    if you rent out all the spare rooms and continue to live in the house you will continue to recieve TRS. also you can also earn up to €10000 per annum tax free but you also have to declare this to the taxman.

    bop.


  • #3
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    bop1977 wrote: »
    . also you can also earn up to €10000 per annum tax free but you also have to declare this to the taxman.

    bop.

    Just to expand you have to fill in Form 12 and submit to the revenue. But as already said you are tax exempt up to €10,000 (you cannot deduct expenses for tax purposes its gross rent only)


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