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Home tax deductible?

  • 21-10-2010 9:57pm
    #1
    work
    Registered Users, Registered Users 2 Posts: 661 ✭✭✭


    Hi,
    Like many hear I bought a house in the boom (2007) and now approx 50% of monies owed is negative equity. My wife works from home and I have an office at home (not where I do most of my work). This accounts for say 40% of the floorspace.
    My accountant says I cannot claim any of the mortgage as tax deductible as that will have a negative effect if I ever sell. This makes no sense to me as how can I have ever have any equity to be taxed (for at least 20 years).

    Anyway does anyone have any advice on if I can make this 40% of the mortgage tax deductible? Desperately need to reduce tax as I cannot physically earn enough to pay a mortgage and tax.


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    Either trust your accountant or find another one. Nobody here knows enough about your circumstances to second guess the advice you already have.

    I make lots of money spending time explaining to my clients why the duff advice they picked up in the pub/on a website/reading Dominic Coyle in the Irish Times is wrong.


  • #3
    work
    Registered Users, Registered Users 2 Posts: 661 ✭✭✭work


    nompere wrote: »
    Either trust your accountant or find another one. Nobody here knows enough about your circumstances to second guess the advice you already have.

    I make lots of money spending time explaining to my clients why the duff advice they picked up in the pub/on a website/reading Dominic Coyle in the Irish Times is wrong.

    Delighted you are making lots of money. I have spent lots of money with accountants (yes more than one accountant) getting advice however they cannot come up with any method to the problem I outlined and eventually admit I should be able to claim something for tax but do not know how. Unfortunately this doesnt seem to be in the remit of an accountant I have spoken to. Would you have any advice on who I can talk to?


  • #4
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    Go to friends, relatives and business acquaintances. Get a recommendation from the hardest to please of those you speak to. Talk to that person and be prepared to pay him for his time and expertise.

    Or you could wait here and see who offers to let you send them a pm.


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