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home improvement relief

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  • 03-07-2009 11:14pm
    #1
    John Mason
    Hosted Moderators Posts: 10,661 ✭✭✭✭


    ...............................


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    #2
    Mr. Incognito
    Registered Users Posts: 9,798 ✭✭✭Mr. Incognito


    I think you may be getting confused.

    Repairs to an investment property you are renting are allowable expenses as against Case V rental income.

    Repairs on your PPR (Principal Private Residence) will not qualify.

    There is mortgage interest relief and a loan from home improvements is in fact a loan so you'll get relief if you are remortgaging but tax relief for ordinary repairs- sorry, no such thing.

    These refer:

    http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html

    http://www.revenue.ie/en/tax/it/leaflets/it70.html


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    #3
    John Mason
    Hosted Moderators Posts: 10,661 ✭✭✭✭John Mason


    2. What is a Qualifying Loan for TRS?

    A qualifying loan for the purpose of mortgage TRS is a secured loan, used to purchase, repair, develop or improve your sole or main residence, situated in the State. With effect from 1st May 2009 the number of tax years in respect of which mortgage interest relief may be claimed is 7 years for first time and non first time buyers. You can claim mortgage tax relief in respect of the interest charged/paid on your main residence. You can also claim mortgage tax relief in respect of a mortgage paid by you for your separated/divorced spouse, and a dependent relative (i.e. widowed parent, elderly relative) for whom you are claiming a dependent relative tax credit. However, your mortgage TRS entitlement cannot exceed the maximum TRS allowance.

    Switching lender or mortgage type to achieve a better interest rate does not equate to a new loan. However, moving home and taking out a new mortgage for this home with a new or existing lender is eligible for relief for 7 years from the date of first payment on the new home loan


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    #4
    Mr. Incognito
    Registered Users Posts: 9,798 ✭✭✭Mr. Incognito


    Yep,

    that's it- you can get relief for a loan/ mortgage but you cannot write normal repairs off in the absence of a mortgage/loan element on your PPR.


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    #5
    John Mason
    Hosted Moderators Posts: 10,661 ✭✭✭✭John Mason


    thats what i am looking for

    i cant find any forms for it on the revenue site, do i just send my loan statements?


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    #6
    Mr. Incognito
    Registered Users Posts: 9,798 ✭✭✭Mr. Incognito


    Read the first link I posted- the form is in that.


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