Recession Beater – Rent a Room
Clear the Spare Room
The Irish Revenue Commissioners have a scheme which allows you to rent the spare room for up to €10,000 on a tax free basis, as at August 2009
Renting a room in this way does not impinge on the Principal Private Residence Relief for Capital Gains Tax.
It's a simple scheme which benefits those who rent a room for company or those who are strapped for cash in these recessionary times. Providing you live in the house and do not receive more than €10,000 per year rent from that house then the amount is tax free. It could help to reduce the mortgage payments from your other income.
Have a look at the spare room. Consider whether you could put it's contents into storage in Elephant Self Storage for as little as €5-€10 per week on a long term basis. The stored items are easily accessible and they may be safer in storage than leaving them lying about that spare room to which you do not pay much attention