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In 52% tax bracket - is it worth renting out house with no mortgage

  • 14-05-2015 8:20pm
    #1
    Hannaho
    Registered Users, Registered Users 2 Posts: 733 ✭✭✭


    I feel fed up with renting out house - feel its not worth renting out house with 52% tax - used to have tax based property so it was worth it then. Does anyone think this is not a sound way of thinking - happy to just leave the property empty and use it for family from time to time.


Comments

  • #2
    the_syco
    Registered Users, Registered Users 2 Posts: 37,316 ✭✭✭✭the_syco


    Hannaho wrote: »
    happy to just leave the property empty and use it for family from time to time.
    How isolated is it, and do you mind not having it insured?

    The former, because breakins can happen if people think the house is abandoned, and the latter as most insurances policies have something that states someone has to live in it for X amount of time per month/year.


  • #3
    Hannaho
    Registered Users, Registered Users 2 Posts: 733 ✭✭✭Hannaho


    The house is in Galway City - various members of my family would stay there a couple of times a month.


  • #4
    Valetta
    Closed Accounts Posts: 2,611 ✭✭✭Valetta


    Hannaho wrote: »
    I feel fed up with renting out house - feel its not worth renting out house with 52% tax - used to have tax based property so it was worth it then. Does anyone think this is not a sound way of thinking - happy to just leave the property empty and use it for family from time to time.

    48% of anything is worth more than 0%.

    You need to work out the net return; then see how much effort is involved, and only you can then say if it's worth it.


  • #5
    ted1
    Registered Users, Registered Users 2 Posts: 23,902 ✭✭✭✭ted1


    Hannaho wrote: »
    I feel fed up with renting out house - feel its not worth renting out house with 52% tax - used to have tax based property so it was worth it then. Does anyone think this is not a sound way of thinking - happy to just leave the property empty and use it for family from time to time.

    Find a good bookeeper. You should be able to bring the tax bill way down


  • #6
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    Have you worked out the figures on what kind of return your getting as a %


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