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If you are earning rental income from a property in Ireland, you will have some tax responsibilities that require attention. Maybe you are even wondering if you can avoid paying rental income tax in Ireland. This article serves as а compass to guide residents and non-resident landlords alike through the labyrinthine world of tax on rental income in Ireland. We will answer some of the most common questions that landlords ask about saving on taxes and discuss our top tips for filing property taxes without stress. Continue reading →

Real estate remains the king of investments. It’s not a coincidence that we have been told that a house is the best way to invest your money. Prices of Irish properties continue to grow rather than fall. So is now a good time to buy a rental property in Ireland? What are your tax obligations when you sell, buy, or rent your real estate? Let’s dig deeper to find out.Key information for non-resident landlords.

In this article you will learn:

• Is now a good time to buy property in Ireland?
• Important information about Irish rental income tax
• What you need to know about tax if you are earning rental income from a property in Ireland
• Who can help you get your Irish property taxes in order?

Planning on buying property in Ireland?

Is it a good time to buy property in Ireland?

Many influential economists have predicted that house prices will continue to rise, especially in Dublin. Some even predict that growth will continue until at least 2024.

Prices in Dublin have risen by 10.2% in the last year, while prices outside the capital have risen by 11.5%.

The average price paid for a home in the State is around €20,271 more than it was a year ago, while average prices in Dublin are about €43,682 higher.

The mid-east was the most expensive region outside of Dublin, with a price of €330,813. Wicklow had the highest average price – €417,768.

The key advantage of Irish rental property is that it offers investors a dependable source of income.

That said, investors must remember that there are some restrictions on the amount of income that can be earned each year.

Rent pressure zones are in place in areas where demand is particularly high. Here rents can not be raised by more than 4% per year.

As previously noted, Ireland has a housing shortage, and the number of available houses for rental has dipped dramatically since the coronavirus outbreak.

This pushed rents upwards, and the average monthly rent in Ireland at the beginning of 2021 was approximately €1,414 This is 0.9% higher than the year before.

Between January and March 2023, the average cost of property advertised in Ireland was €308,497. This amount is 2.7% more than what it was during the same time in 2022.

That being said, you will need to make sure that your buy-to-lets rent will cover your total expenses.

It’s also essential to have some money set aside in case your rent starts to vary, or your property becomes unoccupied unexpectedly.

If you would like to know more about the Rent-a-Room tax relief and taxes if you have a rental property in Ireland, you can also refer to our ultimate Irish property tax guide.

What documents do I need to sell my house in Ireland?

Title documents

Getting in touch with your solicitor before the sales process is the most significant step in selling your house. You must request the title documents for the property you wish to sell from your lawyer.

If you still owe money for the house, and you have a mortgage, the title documents will be retained by your bank. As soon as you have the chance, request these title documents.

BER Certificate (Building Energy Rating)

Before selling your property, you must provide a BER as the owner. Details about the BER must be given in commercial advertisements for the sale. A BER is also required before a new home can be occupied.

There are several exceptions for particular kinds of buildings. Protected structures and certain temporary structures, for instance. That being said, you should arrange for an engineer to perform a BER on your property.

Selling a family home in Ireland

If you’re selling your family home, you’ll need the approval of the other spouse, even if it’s in only one of the spouse’s names.

The Family Home Protection Act of 1976 demands this. If both names appear on the deeds, the problem is solved because both signatures are necessary anyway.

After the sale of the family home is completed, both spouses will be required to sign a Family Home Protection Act Declaration. A copy of your state marriage certificate will also be needed.

Do you need a solicitor to sell property in Ireland?

Yes. To sell a house, you need to hire a solicitor or a conveyancer. The legal part of this endeavor is handled by a solicitor, not a real estate agent.

Some people believe that just because they have an estate agent, they don’t need a solicitor. You should not do this since certain duties are only performed by a lawyer.

A solicitor, for example, is the only person permitted by law to provide legal advice to sellers like you.

Who can help me get my Irish property taxes in order?

Do you have a rental property in Ireland but the prospect of dealing with tax documentation makes you feel anxious and overwhelmed?

Did you know that besides your tax obligations, you are also able to claim a tax refund? And if you claim all of the applicable expenses for your circumstances you could boost the tax rebate?

Do you sell/buy an Irish property and Capital Gains sounds like something you don’t want to deal with yourself?

Are you looking for a property tax specialist? We are here!

PTI Returns’ tax advisors can assist you in filing your rental income tax return online and claim your refund, no matter if you are an Irish resident or non-resident.

Why choose PTI Returns?

Save time and stress – Our property tax specialists will handle all the tricky tax paperwork
Peace of mind – Property Tax International (PTI Returns) is part of Clunetech (formerly known as Taxback Group), employing over 1,500 people in more than 20 countries worldwide. We have more than 25 years of experience in international tax and we will keep you compliant with the Revenue
Convenient service – Our service is online and we will transfer your tax refund straight to your bank account anywhere in the world

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