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Tax on Investment property
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28-08-2012 10:04am#1
Comments
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I have an investment property and the rent I get for it only pays half the mortgage, do I still have to pay tax on the rent I receive?
For investment properties you are allowed 75% of the interest paid on the mortgage as a deduction in the calculation, so short answer is that if 75% of the interest you pay is more than the rent you receive then no tax payable.
If it is not you probably have some other expenses on this property which might reduce your taxable income on it to zero.
Still required to include in your tax return though.0 -
I have an investment property and the rent I get for it only pays half the mortgage, do I still have to pay tax on the rent I receive?
It's a common misconception that if rent received does not cover the mortgage then you do not have to pay tax/file returns. Have a look at the link below for Revenues guide to rental income.
http://www.revenue.ie/en/tax/it/leaflets/it70.html0
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