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claim 75% interest on a mortgage topup against rental income?

  • 28-10-2013 7:53pm
    #1
    oakshade
    Registered Users, Registered Users 2 Posts: 505 ✭✭✭


    A very quick question. Can I claim 75% of the interest on my mortgage topup against my rental income? I know I can claim against the mortgage but I never know about the separate topup portion. Thank you


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    What was the top up for?

    To acquire a rental property or to buy a boat?


  • #3
    oakshade
    Registered Users, Registered Users 2 Posts: 505 ✭✭✭oakshade


    Alan Shore wrote: »
    What was the top up for?

    To acquire a rental property or to buy a boat?

    Hopefully the boat will come at some stage in the future.

    On a more serious note, the topup was to pay off debts - most associated with the property but not all. Thank you


  • #4
    The_Bot
    Registered Users, Registered Users 2 Posts: 92 ✭✭The_Bot


    Mortgage interest can only be claimed against rental income where the interest is incurred on the "purchase, improvement or repair" of the rented property.

    If the money raised is used for any other purpose, notwithstanding that it is secured on the rented property, the interest on that raised money is not deductible against rental income for tax purposes.


  • #5
    oakshade
    Registered Users, Registered Users 2 Posts: 505 ✭✭✭oakshade


    Thank you all


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