Working out what your TRS should be?

NIMAN · 02-07-2012 2:08pm #1

Could someone tell me how TRS on your mortgage payments is actually worked out? Is there a formula that you can use, or does it change with different circumstances?

(Apologies if in wrong forum, had a search and couldn't see one to suit the question better).

thewing · 02-07-2012 2:17pm

http://www.mortgages.ie/index.cfm/spKey/first_time_buyers.tax_relief_calculator.html

NIMAN · 02-07-2012 2:22pm

That calculator suggest getting about 3.6% of the monthly payment in relief.

But mine works out more like 6%.

Ah well, shouldn't complain I suppose.

Jonathan222 · 05-07-2012 9:21am

New to this so hopefully I have posted to the correct forum.

I bought a house in 2005 and claimed TRS on this property until 2009 when I bought a second home and rented out the first one. I stopped claiming TRS on the first home in 2009 as it was not my principal residence and never got around to claiming it on the new house (as a second time buyer) so I'm just wondering can I claim TRS from 2009 on the second home up until now?

Thanks

the groutch · 05-07-2012 9:44am

no need to spam multiple forums with the same question.

lots of info here: http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/mortgage_interest_relief.html

Jonathan222 · 05-07-2012 3:07pm

Cheers, not sure which to post to as some of them look very old. Cheers for that but does not really answer if I can get it back valued.

the groutch · 05-07-2012 10:08pm

Jonathan222 wrote: »

Cheers, not sure which to post to as some of them look very old. Cheers for that but does not really answer if I can get it back valued.

you can, but not sure if it's 3 years or 5 years, there's a section in the TRS form to fill in interest payments of previous years.

Working out what your TRS should be?

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