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TRS Vs Mortgage Interest Relief

  • 09-12-2018 11:46am
    #1
    Lister1
    Registered Users, Registered Users 2 Posts: 726 ✭✭✭


    I am a non resident landlord who is currently renting out an apartment to tenants who are availing of the HAP scheme. My mortgage was taken out in Jan 2004.

    As non resident I am not allowed avail of Tax Relief at Source(TRS) but was wondering if I am allowed to avail of tax relief when submitting my self assessment. I have queried this with revenue as when trying to find the information online I could only find information relating to TRS which doesn't apply to me. The below is was their response which would suggest that I can do this but I wanted to be sure. Appreciate any assistance. Thanks!
    Dear Sir,

    You may be allowed claim Mortgage Interest Relief against your rental income. The interest must be from a mortgage that is used to purchase, improve or repair your rental property.

    You can claim Mortgage Interest Relief:
    -while your property is rented out
    -in between renting out the property as long as you do not live in it during that time
    -if you are registered with the Residential Tenancies Board (RTB).

    You cannot claim Mortgage Interest between the time you buy the property and the time you first rent out the property.

    From 1 January 2017, you can deduct 80% of the interest paid on your mortgage on a rental property. From January 2018, you will be able to deduct 85% of the interest paid on your mortgage on a rental property. For earlier years, the figure is 75% of the interest paid.

    In certain situations, you may be able to claim 100% mortgage interest relief. To qualify you must:
    -rent out your property for three years to tenants receiving certain social housing supports.
    -register with the Residential Tenancies Board (RTB).

    TRS is separate and deducted at source the above is claimed on your Form 11 under your Rental Income.

    Regards,


Comments

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


    Lister1 wrote: »
    I am a non resident landlord who is currently renting out an apartment to tenants who are availing of the HAP scheme. My mortgage was taken out in Jan 2004.

    As non resident I am not allowed avail of Tax Relief at Source(TRS) but was wondering if I am allowed to avail of tax relief when submitting my self assessment. I have queried this with revenue as when trying to find the information online I could only find information relating to TRS which doesn't apply to me. The below is was their response which would suggest that I can do this but I wanted to be sure. Appreciate any assistance. Thanks!

    Yes along with any other rental expenses when submitting your rental accounts.


  • #3
    Lister1
    Registered Users, Registered Users 2 Posts: 726 ✭✭✭Lister1


    relax carry on wrote: »
    Yes along with any other rental expenses when submitting your rental accounts.

    Many thanks for responding. Appreciate it...


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