Mortgage interest relief from Budget

downtheroad

https://www.boards.ie/discussion/comment/121561410#Comment_121561410

Contact your bank or mortgage provider.

esker72

https://www.boards.ie/discussion/comment/121561473#Comment_121561473

Don't think it's unreasonable for Revenue to ask for this at all. It's a document sent out by the banks each year and shows clearly the two figures needed to calculate the relief. If the government didn't want people to claim it, the easiest thing would have been not to introduce it in the budget.

downtheroad

https://www.boards.ie/discussion/comment/121561473#Comment_121561473

The mortgage interest certificate for both 2022 and 2023would be crucial to ascertain how much interest was paid in each year.

Do you know how much of your 2023 mortgage payments were interest versus capital?

The rent tax credit was made available very quickly for 2022 tax returns, some time during January 2023 if memory serves correctly, and was so simple to claim. I'd expect similar for this tax relief as Revenue will just ask you to confirm you meet the various criteria and then to input your 2022 and 2023 mortgage interest amounts.

What's with the chip on your shoulder about all this anyway?

geotrig

https://www.boards.ie/discussion/comment/121561544#Comment_121561544

thanks yeah was wondering if it's part of the docs that are sent out every year.👍️

Str8outtaWuhan

https://www.boards.ie/discussion/comment/121561565#Comment_121561565

I work hard and pay my taxes seeing others get instantaneous relief while I'm made beg for it leaves a bad taste in ones mouth.

downtheroad

https://www.boards.ie/discussion/comment/121561608#Comment_121561608

It's hardly begging though is it. Its completing a form online which takes very little time to do.

Str8outtaWuhan

https://www.boards.ie/discussion/comment/121561659#Comment_121561659

My understanding is you physically have to send off proof after trying to find that proof. Again jumping through hoops for the working man.

downtheroad

https://www.boards.ie/discussion/comment/121561696#Comment_121561696

No proof was required to claim the rent tax credit. No proof is required to claim most tax credits and reliefs. Of course you do need paperwork and proof if requested by Revenue.

However you will need your mortgage interest certs to obtain the mortgage interest values paid for 2022 and 2023, which will allow you to calculate the tax relief that is available in your circumstances. Mortgage interest statements are posted out every year to the mortgage holder by the bank/lender.

So you will have to take 1 number from 2 documents and enter it to the system, and possibly scan and upload said letters. Hardly strenuous is it?

Str8outtaWuhan

https://www.boards.ie/discussion/comment/121561715#Comment_121561715

If it's as simple as that, a 1st yr comp sci student would have the formula coded and site uploaded.

nhg

https://www.boards.ie/discussion/comment/121561696#Comment_121561696

Just save the documents as a .pdf or take a good screenshot of the documents and upload them when prompted to do so.

Danny Drier

https://www.boards.ie/discussion/comment/121561473#Comment_121561473

Halfwits who are unable to follow simple instructions don’t deserve any tax relief. Likely they would blow it on fags, booze or the lotto so best off without.

Gael23

How does an unmarried cohabiting couple avail of this? Can they each claim it?

Trampas

https://www.boards.ie/discussion/comment/121560814#Comment_121560814

No need for the personal abuse. They managed to do it from source before so why not this time. You can be sure a certain percentage of people will not claim it either by not knowing how to do it or maybe forget about it

road_high

I have a couple of mortgages (both fixed) so there’d have no been difference in interest rates between the years- so am I completely ineligible to claim this? And can it only be claimed on the one mortgage?

relax carry on

Terms and conditions now on Revenue website.

https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/mortgage/index.aspx

road_high

“The credit is available in respect of the increase in interest paid in 2023 over interest paid in 2022. The amount qualifying for relief at the standard rate of tax, 20%, is capped at €6,250 per property. This is equivalent to a maximum tax credit of €1,250.”

I guess that rules me out then and anyone on a fixed mortgage?

esker72

Yes, fixed mortgage would have seen no increase in interest so not eligible. I'd give my right arm to not be able to claim this relief. Having said that I did well off my tracker for many years and hoping to do well in the future but it's really painful at the minute.

Mama lion

Does anyone know if this will be applied as credits for 2024 or will it be refund for 2023.

Have all documents ready to go.

Isthisthingon?

I have applied for the credits in 2023. Did it online on the 18th. Havent heard anything back yet.

Has anyone else done theirs? How long did it take for a Response?

Dodge

I don’t think you did. It wasn’t available up then (haven’t checked today but it wasn’t available last week)

JVince

https://www.boards.ie/discussion/comment/121695660#Comment_121695660

It will be a refund for 2023. Paid into your bank account

very straight forward. EG paid 2300 interest in 2022, paid 7300 interest in 2023, balance is over €100k, difference 5,000. 20% rebate, €1,000.

At the same time check every other available relief - especially medical. Doctor visits, prescriptions (the monthly max of €80 can be claimed against - net €64), consultant visits, some dental visits (excludes routine dental)

Certificate of interest is sent to you every January by your mortgage bank. If you threw last year's out, they'll send a new one (even kbc and ulster can do that).

Very easy money for those that qualify and does take some of the paid of increased interest away.

Mama lion

Thank you for this. It'll be a nice boost. I have all documents for 2022 and 2023. Turns put paid an additional 7k in interest.

I've already done meds expenses etc. Completely forgot about this 😳

I'm assuming I'll be able to amend once it's available.

Desertmoon1

Hi just went in to do this as its showing as available to claim now. Have my interest statements and my LPT property ID but when I go in it asks how much interest both myself and my husband paid each? We are jointly assessed. Like we both work so both contribute. Do I just put in half the interest for each of us or what?

Mama lion

https://www.boards.ie/discussion/comment/121696671#Comment_121696671

We're the same. I can't remember exact wording but it said if jointly assessed the person submitted the form can be considered sole payer. Something to that effect. Like I said can't remember exact wording, Maybe someone who is submitting can post a screenshot.

rpurfield

This might sound like a stupid question but in terms of the proof of a qualifying mortgage at the end of 2022 have people used the annual statement or is it on the certificate of interest too? I misplaced the 2022 certificate so had to reorder and I can't find anything that gives an end of 2022 balance!

Mama lion

We got a statement of payments and interest for 22 and 23 . With them was a letter stating our balance as at 31 Dec 2022.

Realtine

AM I looking at the wrong thing on Revenue? This 'halfwit' (ahem)is trying to fill in the form on revenue and it's asking me about if money was spent on renovations or improvements or if its a new loan?

Thats not what I want at all, I want to claim the interest relief so can someone send a link or tell me exactly where it is?

thanks

relax carry on

https://www.boards.ie/discussion/comment/121711685#Comment_121711685

https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/mortgage/how-to-claim.aspx

There you go

Realtine

https://www.boards.ie/discussion/comment/121712793#Comment_121712793

Well, thank you very much!❤️

esker72

Anybody received their Statement of Interest from AIB yet? I was with Ulster Bank and mortgage got transferred over to AIB. Got my cert for first part of the year from UB a few weeks ago but AIB being very slow. Would have expected the bank thats closed to be the one to be slow