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Rental income

  • 15-03-2016 10:26PM
    #1
    Registered Users, Registered Users 2 Posts: 57 ✭✭


    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 :)


Comments

  • Site Banned Posts: 61 ✭✭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?


  • Registered Users, Registered Users 2 Posts: 57 ✭✭Dotts


    You're double counting auctioneers fees?

    😀 cheers for pointing that out i have edited the post


  • Closed Accounts Posts: 2,375 ✭✭✭newacc2015


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


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