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Investment House -

  • 16-09-2020 9:45am
    #1
    vmware
    Registered Users Posts: 60 ✭✭


    Looking at buying a house 3 bed, for 120k approx, this will be a cash purchase



    current tenants are in house paying 900 a month, €10800 a year income from the house.



    My question is how much tax do I have to pay on this rental income



    Im a PAYE employee, in the high tax bracket


    I know I can offset the house insurance against the rental income



    what else can be offset against the rental income


    Thanks


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 13,729 ✭✭✭✭Geuze


    After you make the relevant deductions from the gross rental income, the net rental profits are added to your regular wages/income.

    Assuming you face a marginal tax rate (MTR) of 40%, then the net rental profits will be subject to the normal 40% tax, just like any extra income will be taxed at 40%.

    Then there is USC and PRSI.


  • #3
    virginmediapls
    Registered Users Posts: 325 ✭✭virginmediapls


    vmware, so presumably you're in cork? And you found a 3-bed for 120k?! Jealous.

    Don't forget you'll be liable for most issues with the house so you'll only receive a fraction of that 6480 p.a you make. A new boiler and some plumbing and you'll be running a deficit for the year.


  • #4
    steamsey
    Registered Users, Registered Users 2 Posts: 686 ✭✭✭steamsey


    vmware wrote: »

    what else can be offset against the rental income


    Thanks

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

    It's all listed there


  • #5
    NIMAN
    Registered Users, Registered Users 2 Posts: 33,992 ✭✭✭✭NIMAN


    Always found this site useful when I was an accidental landlord a few years back.

    https://www.irishlandlord.com/


  • #6
    dxhound2005
    Registered Users, Registered Users 2 Posts: 21,388 ✭✭✭✭dxhound2005


    Another useful site.

    https://www.citizensinformation.ie/en/


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