Rental income

Dotts

Hi

Could someone plz let me know if this is correct or not :

So im currently paying back a mortgage on a house that i am renting

mortgage :150,000
repayments monthly :955
interest rate 4.3%

At the moment im renting the property @ €520 less auctioneers fee of 10% =€468 so that's €5616 per year

insurance cost =€300
grass cutting = €300
interest on mortgage (75%) =4837.5 approx

Rental income = €5616 - expenses as above =€5437.5= €178.5

Im a total noob at this so my question is how much tax do i owe in this sinario ? The house is in negative equity, so im stuck with it b4 any one asks

Squire Ladd

Dotts wrote: »

Hi

Could someone plz let me know if this is correct or not :

So im currently paying back a mortgage on a house that i am renting

mortgage :150,000
repayments monthly :955
interest rate 4.3%

At the moment im renting the property @ €520 less auctioneers fee of 10% =€468 so that's €5616 per year

insurance cost =€300
grass cutting = €300
auctioneers fee= 624
interest on mortgage (75%) =4837.5 approx

Rental income = €5616 - expenses as above =€6061.5 = -€445.5

Im a total noob at this so my question is do i owe any tax given that if i subtract my expences above from the rent im getting im actually down money or am i doing it totally wrong? The house is in negative equity, so im stuck with it b4 any one asks

You're double counting auctioneers fees?

Dotts

Squire Ladd wrote: »

You're double counting auctioneers fees?

😀 cheers for pointing that out i have edited the post

newacc2015

Where is your PRTB fee? Do you have a receipt for the grass cutting?