Mortgage interst relief/form 11?

forestfruits

I`ve tried my hand asking the tax office for advice but they couldnt tell me what to do! (I also previously posted this in accountancy- hadnt spotted this forum!!)

I moved out of my house last year and rented it out- I was receiving mortgage interest relief at source which I didnt realise I had to cancel.

So now Ive come to filling in a tax return Im a bit stuck- I am a PAYE employee but the tax office tell me I have to fill in form 11 not 12. They cannot tell me however how much of the mortgage interest I can deduct from the rent--

Any ideas?

Would I be right in saying TRS is calculated at 20% of interest?
Could I just calculate 55% of my total interst and deduct that> ( house was only rented from may so Im only entitled to deduct 75% not 100%)

Sorry for the rant Im just very stuck

Geuze

As a landlord, you don't get TRS.


Instead you deduct the mortgage interest and other expenses from the gross rental income to arrive at the net rental profit/loss.


See Revenue guide to rental income IT70 here:

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

Alan Shore

Hi,
I would go with the 55% interest deduction. Its as close as you are going to get it.

forestfruits

I realise im not entitled to the trs but im a year and a bit realising it!

Hoping the 55% covers it and I dont end up paying back the trs