Are you eligible for the new Mortgage Interest Tax Credit? Here’s what you need to know:
Mortgage Loan Requirements:
- Outstanding mortgage balance between €80,000 and €500,000 on December 31, 2022
- Loan with a qualifying lender listed by the Central Bank of Ireland
- Paid interest on the loan in both 2022 and 2023
- Interest paid in 2023 must have increased from 2022
Tax Obligations:
- Must have paid income tax, as the credit reduces your tax liability
- Comply with Local Property Tax obligations
Property Criteria:
- Property located in Ireland
- Comply with planning permission requirements by December 31, 2022
- Property not purchased from a connected party for significantly more than its value
- Property should be your primary residence or used for work purposes by you, your spouse, or civil partner
Paying Mortgage Interest for Others:
- You may claim if paying mortgage interest for:
- Former or separated spouse or civil partner’s main residence
- Dependent relative (e.g., widowed parent, relative unable to care for themselves)
Mortgage Interest Tax Credit Amount:
- Credit is 20% of the increase in interest paid on your mortgage in 2023 compared to 2022.
- Capped at €1,250.
Ensuring you meet these qualifications can help you claim the Mortgage Interest Tax Credit effectively.
Who Qualifies for Mortgage Interest Tax Credit?
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