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Landlord tax

  • 04-03-2021 3:52pm
    #1
    airmech
    Registered Users Posts: 89 ✭✭


    Hi,


    Can anyone please advise on my situation. I need to rent/live in another part of the country for 1500 a month, I will need to rent my house in Dublin for 2000. I will lose over half of the income 2000 in tax but still have to pay 1500 elsewhere. Is there any exemptions for my situation where I will end up losing 500 a month by renting my house out.


Comments

  • #2
    Sleeper12
    Registered Users, Registered Users 2 Posts: 17,155 ✭✭✭✭Sleeper12


    In short no


  • #3
    Ginger83
    Registered Users Posts: 3,540 ✭✭✭Ginger83


    airmech wrote: »
    Hi,


    Can anyone please advise on my situation. I need to rent/live in another part of the country for 1500 a month, I will need to rent my house in Dublin for 2000. I will lose over half of the income 2000 in tax but still have to pay 1500 elsewhere. Is there any exemptions for my situation where I will end up losing 500 a month by renting my house out.

    No


  • #4
    ELM327
    Registered Users, Registered Users 2 Posts: 22,213 ✭✭✭✭ELM327


    No.


  • #5
    Emma2019
    Registered Users, Registered Users 2 Posts: 414 ✭✭Emma2019


    You can deduct 75% of your mortgage payment (if you have one) as an expense against the rental income for tax purposes.


  • #6
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,085 ✭✭✭relax carry on


    Emma2019 wrote: »
    You can deduct 75% of your mortgage payment (if you have one) as an expense against the rental income for tax purposes.

    No you can't.

    You used to be able to deduct 75% of the interest element of your mortgage. It's 100% of the interest element now so long as your are registered with the PRTB.


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  • #7
    dubrov
    Registered Users, Registered Users 2 Posts: 3,609 ✭✭✭dubrov


    Emma2019 wrote:
    You can deduct 75% of your mortgage payment (if you have one) as an expense against the rental income for tax purposes.

    If only you could. Definitely not true


  • #8
    OwenM
    Registered Users, Registered Users 2 Posts: 859 ✭✭✭OwenM


    You can offset expenses that you incur renting it out like advertising fees or if you had to get a plumber out to fix a leak. These costs are subtracted from the taxable income figure.


  • #9
    dubrov
    Registered Users, Registered Users 2 Posts: 3,609 ✭✭✭dubrov


    To answer your question OP, you cannot offset your own rent payment against any rent received from the house you let out.

    They are two independent entities.
    I.e. You can claim expenses against the rental of your own property (maintenance, interest etc.) but this is completely independent of any rent you pay yourself.

    So yes, you will lose about 500 per month plus about 50% of any maintenance costs (assuming you are at the top marginal rate)


  • #10
    Emma2019
    Registered Users, Registered Users 2 Posts: 414 ✭✭Emma2019


    Apologies, I meant to write in mortgage interest, not mortgage payment!


  • #11
    FileNotFound
    Registered Users Posts: 2,004 ✭✭✭FileNotFound


    airmech wrote: »
    Hi,


    Can anyone please advise on my situation. I need to rent/live in another part of the country for 1500 a month, I will need to rent my house in Dublin for 2000. I will lose over half of the income 2000 in tax but still have to pay 1500 elsewhere. Is there any exemptions for my situation where I will end up losing 500 a month by renting my house out.


    Pain in the neck but true, renting is not designed to allow people to pay off a mortgage, otherwise half of kerry would buy in dublin and rent for cheap down home.


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