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New Landlord Queries

  • 20-09-2019 1:50pm
    #1
    good vibes
    Registered Users, Registered Users 2 Posts: 162 ✭✭


    Hello there...
    I'm considering buying I'm renting out the house or becoming becoming an owner occupier....& Renting out rooms

    I see on the revenue web page... It says as an owner occupier I must just be resident for greater part of the year.. I have a couple of questions on the The above.

    1.what does it mean exactly to be resident for the greater part of the year ear ?.. is there a time frame ?

    2. If I rented an apartment in another country.. ( Europe ) how would this affect me as and owner occupier in Ireland.

    3. If I was to live abroad part of the year how would this affect house insurance ?

    4. If I rent the whole house out... Could I live in a Granny flat in the garden and would I be taxed or not ?

    Any help would be appreciated
    Thanks in advance....


Comments

  • #2
    L1011
    Registered Users, Registered Users 2 Posts: 71,190 ✭✭✭✭L1011


    Split from ancient thread


  • #3
    DubCount
    Registered Users, Registered Users 2 Posts: 1,094 ✭✭✭DubCount


    OP. Please get some independent financial advice from an investment advisor/accountant. There is potential to make a big financial mistake here, and you need good advice to make sure you are going in the right direction

    When you refer to Revenue Web Page, are you referring to Principal Private Residence Exemption from CGT, Rent a Room Relief from Income Tax, Rules on Tax Residency, or something else. Different elements of the tax code can have different rules. Then there is the law on whether your "renter" is a tenant or a licensee. There's lots to consider.

    On insurance, I guess that depends on your specific policy rules, but I would inform the insurance company if I was spending an extended period away.

    Good luck


  • #4
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,502 ✭✭✭BrokenArrows


    good vibes wrote: »
    Hello there...
    I'm considering buying I'm renting out the house or becoming becoming an owner occupier....& Renting out rooms

    I see on the revenue web page... It says as an owner occupier I must just be resident for greater part of the year.. I have a couple of questions on the The above.

    1.what does it mean exactly to be resident for the greater part of the year ear ?.. is there a time frame ?

    2. If I rented an apartment in another country.. ( Europe ) how would this affect me as and owner occupier in Ireland.

    3. If I was to live abroad part of the year how would this affect house insurance ?

    4. If I rent the whole house out... Could I live in a Granny flat in the garden and would I be taxed or not ?

    Any help would be appreciated
    Thanks in advance....

    1. Tax residency is 183 days per year. So over 1/2 the year.

    2. Not if you're tax resident and live in the house when in Ireland.

    3. Talk to insurance company.

    4. Yes you would be taxed. You need to live in and use the main residence.


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