Written answers
Wednesday, 20 June 2012
Department of Finance
Mortgage Interest Relief
9:00 pm
Regina Doherty (Meath East, Fine Gael)
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Question 44: To ask the Minister for Finance if persons who rent out their home residence property due to negative equity, will retain mortgage interest relief; and if he will make a statement on the matter. [29926/12]
Michael Noonan (Limerick City, Fine Gael)
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The position is that mortgage interest relief is only available in respect of interest paid by an individual on a loan used by that individual for the purchase, repair, development or improvement of his/her sole or main residence. However, it should be noted that an individual who rents out their residential property may be allowed a deduction, subject to certain conditions, in computing the taxable rents from that letting of 75% of the interest accruing on monies borrowed to purchase, improve or repair that property.
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