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How much tax could I expect to pay on rental income

  • 13-03-2013 8:54pm
    #1
    billyconnolly
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi there

    I have a property that I am currently living in, that I plan to move out of and rent. Rent in the region of 850e per month, no major repair work required, just the standard expenses...I would estimate net expenses before capital allowances would be around 4-5k, with capital allowances not more that 1k.

    Just want to estimate my annual tax liability (approx), including income tax returns and preliminary tax....

    Thanks

    Billyconnolly


Comments

  • #2
    Citizenpain
    Registered Users, Registered Users 2 Posts: 2,005 ✭✭✭Citizenpain


    have you other income?

    If you have income taxed at 41% now your rental profit will be at the same rate
    plus USC and PRSI

    75% of mortgage interest is allowed as a deduction as long as you are registered with the PRTB.

    More info here

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

    an accountant would probably charge 200 -300 depending on your other income sources


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