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The cost of letting a property - taxes etc

  • 25-02-2013 1:32am
    #1
    uberalles
    Registered Users, Registered Users 2 Posts: 836 ✭✭✭


    If I wanted to leave the country for a while and let out our property, aside from EA fees, what other costs are involved?

    Govt tax - how much?
    Anything else?

    Thanks.


Comments

  • #2
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,671 ✭✭✭✭NIMAN


    http://www.irishlandlord.com/index.aspx?page=infocentre_article_view&id=34


  • #3
    murphaph
    Registered Users, Registered Users 2 Posts: 19,048 ✭✭✭✭murphaph


    This question has been asked and answered several times on this forum. Please do a search and you'll find many relevant threads. Nobody can give you a tailored answer because everyone's tax liabilities etc. are different. You'll have to do a few sums on your own.


  • #4
    Chris_5339762
    Registered Users, Registered Users 2 Posts: 6,063 ✭✭✭Chris_5339762


    Dont forget, since you'll be non resident, that the TENANT must deduct and pay the tax to the government. Look into this and be sure that the tenant is aware of this, because the current knowledge of this important rule is mind bogglingly low.


  • #5
    sunnysoutheast
    Registered Users, Registered Users 2 Posts: 2,072 ✭✭✭sunnysoutheast


    Chris_5339762 wrote: »
    Dont forget, since you'll be non resident, that the TENANT must deduct and pay the tax to the government. Look into this and be sure that the tenant is aware of this, because the current knowledge of this important rule is mind bogglingly low.

    Not necessarily, the non-resident landlord can appoint a resident collection agent to receive the rents gross and account for the tax due.

    OP - The Revenue guide IT70 explains the mechanics of renting very well, other sites such as this forum on boards, irishlandlord and askaboutmoney are useful for (lively debates on) the detail around allowable deductions etc. I assume by EA fees you mean letting agent charges?

    My only piece of advice, although this obviously depends on your particular property and location, would be to rent unfurnished. I just think you get better tenants that way.


  • #6
    uberalles
    Registered Users, Registered Users 2 Posts: 836 ✭✭✭uberalles


    sunnysoutheast wrote: »
    Not necessarily, the non-resident landlord can appoint a resident collection agent to receive the rents gross and account for the tax due.

    OP - The Revenue guide IT70 explains the mechanics of renting very well, other sites such as this forum on boards, irishlandlord and askaboutmoney are useful for (lively debates on) the detail around allowable deductions etc. I assume by EA fees you mean letting agent charges?

    My only piece of advice, although this obviously depends on your particular property and location, would be to rent unfurnished. I just think you get better tenants that way.

    Good tip.


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