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Property Tax

  • 01-03-2012 1:27pm
    #1
    joannelohan
    Registered Users, Registered Users 2 Posts: 14 ✭


    if i own one property and decide to rent it out while i rent somewhere cheaper how much tax will i be liable for? Are you liable for tax at 41% and usc even though i do not own a second property?


Comments

  • #2
    KCTK
    Registered Users, Registered Users 2 Posts: 378 ✭✭KCTK


    joannelohan wrote: »
    if i own one property and decide to rent it out while i rent somewhere cheaper how much tax will i be liable for? Are you liable for tax at 41% and usc even though i do not own a second property?

    Quick answer is yes, you are taxable on all income. On the property you own and rent out you would need to calculate what the taxable profit actually is and then this is the amount you will be taxable on. Taxable profit roughly is your rental income less any expenses of renting the property (75% of the interest cost of a mortgage on the property is included as an expense)


  • #3
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,145 ✭✭✭relax carry on


    joannelohan wrote: »
    if i own one property and decide to rent it out while i rent somewhere cheaper how much tax will i be liable for? Are you liable for tax at 41% and usc even though i do not own a second property?

    You could try Revenues guide to rental income as you will need to file a return with all your sources of income to determine what you are liable for.

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


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