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Holiday home rental income - quick question

  • 24-09-2012 10:31pm
    #1
    blast06
    Registered Users, Registered Users 2 Posts: 228 ✭✭


    Hi,

    I have a holiday home that i have available for rent 52 weeks of the year. I rented it out for 5 weeks during the summer last year (much better this summer for some reason !) but am not clear on whether i can avail of 5/52 * 75% of mortgage interest relief or whether i can avail of the full 75% of mortgage interest relief.
    Same type of question re allowance for damage to property, replacement of furniture etc and the key question is whether i can add an allowance for each weeks rental given that i have to drive ~50 miles down to the house and get it ready putting fresh towels, bed clothes in place each time (say 3 hours cleaning each time).
    In all i earn shag all out of it given costs incurred (even keeping the grass cut) but not sure if i can write off these costs given the 5 weeks out of 52.

    Note also that I typically stay in the house for about 3 weeks during the summer ... deciding when to stay at the very last minute depending on whether the house is booked or not.

    Any guidance ? ... cos 2011 was first time i bothered renting it out - and this may be the last if answers to above are not as i was hoping !!!

    Cheers.


Comments

  • #2
    murphaph
    Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    If you didn't stay in the house at all and it was genuinely available for let for 52 weeks a year you'd definitely be able to claim the full 75% of all mortgage interest paid, regardless of whether or not the property was always occupied.

    You can still claim more than just the few weeks AFAIK, but I'm not sure of how it's apportioned. I would assume it would be 49/52 of the total available relief but you'd need to confirm that with a tax professional.

    Maybe you could "not" use the property for those 3 weeks ;)

    As for your own time in driving there etc. None of that is deductible I'm afraid. In some other countries it is, but good old Revenue don't allow it (or more precisely the Finance Acts don't).


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