Tax on rental income

AnaestheticSpR

Hello,

I'll preface this by saying I fully intend to get advice from a tax professional. Plan to move abroad for work in the near future, plan on renting out my apartment. I currently pay back €1800pcm on mortgage and plan on renting it out for approx €2400 pcm, will revenue calculate tax liability based on gross rental income or net rental income?

com1

Gross. You can claim certain items against tax. I believe that in your case revenue will take the tax from the renter rather than from you directly. I would certainly recommend you engage an accountant to deal with it.

Personnally, I would think very strongly of selling rather than renting. I would be very concerned about what future governments might do to the rental market

Geuze

https://www.boards.ie/discussion/2058346146/tax-on-rental-income

Gross rental incomes

less allowable expenses

= net rental profits

The net rental profits are taxable.

Note that if the landlord lives abroad the tenant, or an agent of the landlord, is required to deduct 205 of the rent and remit it to Revenue.

https://www.revenue.ie/en/property/rental-income/non-resident-landlords/index.aspx

Geuze

Overview

From 1 July 2023, there will be legislative changes for:

• non-resident landlords
• collection agents of non-resident landlords
• and
• tenants of non-resident landlords.

https://www.revenue.ie/en/property/rental-income/nrlwt/index.aspx