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Rent against mortgage and taxation

kieran75 · 2011-11-25 18:21:42

Hi, My girlfriend has her house rented and her house is registered so the income is been taxed. Her mortgage is just less than the rent she receives. Can she use her mortgage outgoings against this income so it does not look at her year end that this is all profit. Or how does this work. Kieran

25-11-2011 6:21pm

#1

kieran75

Registered Users, Registered Users 2 Posts: 40 ✭

Join Date: July 2002

Posts: 9

Hi,

My girlfriend has her house rented and her house is registered so the income is been taxed. Her mortgage is just less than the rent she receives.
Can she use her mortgage outgoings against this income so it does not look at her year end that this is all profit. Or how does this work.

Kieran

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Comments

#2 25-11-2011 6:35pm

relax carry on

Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭

Join Date: November 2011

Posts: 4039

Try Revenues guide to rental income, the link is below.
Biggest expense allowed against rental income is 75% of the interest charged on the mortgage for the year. Next is letting expenses. The guide had a breakdown of expenses.

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

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