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Rental income
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15-03-2016 10:26PM#1Hi
Could someone plz let me know if this is correct or not :
So im currently paying back a mortgage on a house that i am renting
mortgage :150,000
repayments monthly :955
interest rate 4.3%
At the moment im renting the property @ €520 less auctioneers fee of 10% =€468 so that's €5616 per year
insurance cost =€300
grass cutting = €300
interest on mortgage (75%) =4837.5 approx
Rental income = €5616 - expenses as above =€5437.5= €178.5
Im a total noob at this so my question is how much tax do i owe in this sinario ? The house is in negative equity, so im stuck with it b4 any one asks
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Comments
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Hi
Could someone plz let me know if this is correct or not :
So im currently paying back a mortgage on a house that i am renting
mortgage :150,000
repayments monthly :955
interest rate 4.3%
At the moment im renting the property @ €520 less auctioneers fee of 10% =€468 so that's €5616 per year
insurance cost =€300
grass cutting = €300
auctioneers fee= 624
interest on mortgage (75%) =4837.5 approx
Rental income = €5616 - expenses as above =€6061.5 = -€445.5
Im a total noob at this so my question is do i owe any tax given that if i subtract my expences above from the rent im getting im actually down money or am i doing it totally wrong? The house is in negative equity, so im stuck with it b4 any one asks
You're double counting auctioneers fees?0 -
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