Land rent

Ex135

I have 20 acres of decent land that I was hoping to possibly rent due to work commitments next year, was hopin to rent March time to November, it’s newly fenced and ten acres are reseeded and has a yard crush and small shed, anyone any idea what it might make during that a period.

wiggy123

depends what part of the country your in... prob get anything from 150 - 220 an acre

Mooooo

If you put it on a long term lease it would attract more people and the income would be tax free. I think it has to be 5 or 7 yrs minimum for tax free

Burning Tires

Mooooo wrote: »

If you put it on a long term lease it would attract more people and the income would be tax free. I think it has to be 5 or 7 yrs minimum for tax free

Minimum or 5 years. Can get up to 18,000 tax free. Solicitor and all the bits and bobs would be a €1000 to sort out tge paperwork first day.

If the OP went for 5 year lease at €250/acre. €5000/year for 5 years. 25,000 minus the solicitor and soil testing.

Mooooo

Would there be a need for solicitor? Thought there are standard formats for leases

Mtx

Rent prices in Northern Ireland will surely plummet if subs are massively reduced.

wiggy123

same will happen in south--when Cap, ie reduced... Cannot see dairy men giving 250+ and spud men giving upwards of 500 an acre

Burning Tires

Mooooo wrote: »

Would there be a need for solicitor? Thought there are standard formats for leases

I think the lease has to be stamped by a solicitor. But I'm open to correction on that.

Donald Trump

Mooooo wrote: »

If you put it on a long term lease it would attract more people and the income would be tax free. I think it has to be 5 or 7 yrs minimum for tax free

Hypothetical question.


Can a person lease out part of their land on a 5 year lease, and rent in someone else's land on a 5 year lease and have the rental income tax free while writing off the rental expense entirely against tax?



Say a fella owns a few fields a few miles from his home place and then hears an adjacent neighbour is trying to lease out their land. So he decides to pay to rent the neighbours land on a 5 year lease while leasing his own outfarm to someone else. For the sake of simplicity, suppose the size and prices are identical.



Will both the neighbour, and himself, get the income tax free? While the fella still writes off his total rental expense

Mooooo

Donald Trump wrote: »

Hypothetical question.


Can a person lease out part of their land on a 5 year lease, and rent in someone else's land on a 5 year lease and have the rental income tax free while writing off the rental expense entirely against tax?



Say a fella owns a few fields a few miles from his home place and then hears an adjacent neighbour is trying to lease out their land. So he decides to pay to rent the neighbours land on a 5 year lease while leasing his own outfarm to someone else. For the sake of simplicity, suppose the size and prices are identical.



Will both the neighbour, and himself, get the income tax free? While the fella still writes off his total rental expense

I don't see why not, an accountant would be better placed to answer tho. There were allowances for restructuring farm holdings before but that was with regard to sales/ purchases more than renting

Keepgrowing

Donald Trump wrote: »

Hypothetical question.


Can a person lease out part of their land on a 5 year lease, and rent in someone else's land on a 5 year lease and have the rental income tax free while writing off the rental expense entirely against tax?



Say a fella owns a few fields a few miles from his home place and then hears an adjacent neighbour is trying to lease out their land. So he decides to pay to rent the neighbours land on a 5 year lease while leasing his own outfarm to someone else. For the sake of simplicity, suppose the size and prices are identical.



Will both the neighbour, and himself, get the income tax free? While the fella still writes off his total rental expense

Yes

Keepgrowing

Burning Tires wrote: »

I think the lease has to be stamped by a solicitor. But I'm open to correction on that.

Stamped by revenue done through solicitor €120

Keepgrowing

Donald Trump wrote: »

Hypothetical question.


Can a person lease out part of their land on a 5 year lease, and rent in someone else's land on a 5 year lease and have the rental income tax free while writing off the rental expense entirely against tax?



Say a fella owns a few fields a few miles from his home place and then hears an adjacent neighbour is trying to lease out their land. So he decides to pay to rent the neighbours land on a 5 year lease while leasing his own outfarm to someone else. For the sake of simplicity, suppose the size and prices are identical.



Will both the neighbour, and himself, get the income tax free? While the fella still writes off his total rental expense

Yes