Mortgage Relief
Mortgage Relief
Tax relief is available for mortgage interest paid, subject to certain limits.
Mortgage Relief Ceilings:
- Single Buyer: €10,000
- Married Buyers: €20,000
First-time Buyer Status:
First-time Buyers (FTB) status runs from the year the mortgage is taken out for seven years (i.e. year mortgage is taken out plus six subsequent years). If a taxpayer redeems his/her mortgage within this seven-year period they are entitled to resume their FTB status when a new mortgage is taken out if they have remaining years.
Eg. If a buyer buys their first property, as their Principle Private Residence (PPR) in 2007 and subsequently sells this house in 2009, they will receive tax relief at source on their mortgage interest payments as a FTB for three years. If, in 2011, they decide to purchase another property, as their PPR, they will be entitled to receive TRS as a FTB for the remaining 4 years (2011-2014).
TRS Applications:
Mortgage Interest Relief may be applied for on the internet at www.revenue.ie/trs1
This is a simple, quick and effective way to avail of your tax relief. Alternatively, a manual version of the form may be downloaded from www.revenue.ie/forms/trs1.pdf
Prior Years Claims:
The form for prior years is available to download at www.revenue.ie/forms/trsp.pdf
Tax payers can claim mortgage interest relief for interest paid on their mortgage in the current year and the previous 4 years, where applicable.