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Renting my Apartment

  • 12-04-2010 3:03pm
    #1
    will1977
    Registered Users, Registered Users 2 Posts: 602 ✭✭✭


    Hi,

    I have just got engaged and am moving in with my fiance. I want to rent myapartment and do it all above board. I have a poss tenant who is getting rent allowance. Do I need to do anything other than sign the forms they have ? Do I need to contact anyone to say I am renting it out ? How can I find out how much tax I need to pay on the earnings ?

    Thanks for any help


Comments

  • #2
    Cathmandooo
    Registered Users, Registered Users 2 Posts: 17,324 ✭✭✭✭Cathmandooo


    You will have to register the tenancy with the PRTB www.prtb.ie

    You will also be liable for the annual NPPR charge of €200 www.nppr.ie

    Get a lease in place too.

    I'm not the best to ask about the tax, hopefully someone else can give you advice on that.

    Oh and congrats on the engagement!


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


    technically you should also be contacting your bank to let them know your renting out the property.

    Interest rates on rentals are higher than owner occupier, Im not sure what would happen if you dont thell them and they somehow found out. Perhaps somebody on here could tell you.

    jsut make sure the tennancy is registered as mentioned and that your NPPR is paid.

    Id suggest you get an accountant to help with your tax return (accountants fee can be offset against tax) on the rental as they will tell you what you can offset.

    e.g you can write off management fees, prtb fee, 75% of your mortgage interest, 12.5% depreciation on your furniture, etc etc

    best to make sure your claiming everything you can before paying tax.

    best of luck with it and the engagement :)


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