Property Investors – Landlords – Tax on Rental Income

Introduction

The number of property investors in Ireland increased substantially over the last decade. Many owners are having to let out their private property for financial reasons to meet mortgage payments and are becoming what are called “reluctant landlords”. Families emigrating are also opting to let out their home rather than sell due to negative equity problems.

Because of new rules regarding the reporting of Rental Income to the Revenue Commissioners and also for the claiming of mortgage interest tax relief against your rents it is very important that all tax returns are made in time and all rules fully complied with.

Our rental income recorders and calculators do all the work for you and guide you through the process step by step.

The claiming of mortgage interest against rents is one of the most important tax claims for property investors. For the year 2006 onwards all residential investment lettings must be registered with the Private Residential Tenancies Board. If they are not registered you cannot claim the benefit of the mortgage interest deduction from your rents. For residential properties the claim for mortgage interest is limited to 80% (2017) of the amount paid (75% for previous years).

For tax purposes rental income covers various items. However, we confine ourselves to the tax treatment of rents from land, residential and commercial property.

To allow you check your tax position we provide detailed tax information on the following:

 

 

 

See Also

Property Finance

We can provide specific advice on any of these matter by way of consultation.