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Work abroad and renting my house

  • 03-09-2015 12:33pm
    #1
    MarcusP12
    Registered Users, Registered Users 2 Posts: 1,073 ✭✭✭


    Hi,

    Hope I'm on the right forum here but i have a question about tax on rental income while i'm working abroad. I have an opportunity to take up a role in Bahrain for a year and a half and if so i will rent out my house in addition to the apartment which we own and which is already rented out and which i pay a tax bill every year. Obviously i will no longer have a primary residence here while i'm abroad....can someone give me a simple low down on what the tax requirements are? is it a simple case of paying tax on the house in the same way i do for the apartment? If i make a loss on the house rental can this offset the tax on profit from the apartment? I assume i lose our mortgage interest relief during this period?

    Thanks in advance folks...


Comments

  • #2
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    MarcusP12 wrote: »
    Hi,

    Hope I'm on the right forum here but i have a question about tax on rental income while i'm working abroad. I have an opportunity to take up a role in Bahrain for a year and a half and if so i will rent out my house in addition to the apartment which we own and which is already rented out and which i pay a tax bill every year. Obviously i will no longer have a primary residence here while i'm abroad....can someone give me a simple low down on what the tax requirements are? is it a simple case of paying tax on the house in the same way i do for the apartment? If i make a loss on the house rental can this offset the tax on profit from the apartment? I assume i lose our mortgage interest relief during this period?

    Thanks in advance folks...
    Mortgage Interest Relief is only due on your Principal Private Residence, so you will lose it.

    You can offset the loss from one property, against the income of the other.

    You'd account for both properties as you have always done with the apartment. There is an arrangement you could come to with a tenant though, where they withold 20% of the rent due to you, and they account to this over to Revenue


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