Proposed 20% tax on real estate rentals

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Lambada

Gold
Mar 4, 2004
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I'm not sure if this belongs here or in Business Forum, so please move if I got the wrong spot! I note from todays DR1 News the Fiscal Reform package includes a proposal for a 20% tax on real estate rentals. This seems a little high! Can anyone tell me what the existing tax rate is on renting out property? I haven't rented out property in many years, when I did no tax was payable by the owner, so am out of touch on this subject.
 
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arturo

Bronze
Mar 14, 2002
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the simple solution is...

...avoid agencies and the tax won't affect you. You will need to perform your own credit vetting and I recommend you demand a hefty security deposit. best of luck

Lambada said:
I'm not sure if this belongs here or in Business Forum, so please move if I got the wrong spot! I note from todays DR1 News the Fiscal Reform package includes a proposal for a 20% tax on real estate rentals. This seems a little high! Can anyone tell me what the existing tax rate is on renting out property? I haven't rented out property in many years, when I did no tax was payable by the owner, so am out of touch on this subject.
Click to expand...
 
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Lambada

Gold
Mar 4, 2004
9,478
410
0
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www.ginniebedggood.com
Thanks, arturo. It is actually not for me (I did rent my property out years ago, would not do so again!) but a friend who wants to buy a property solely to rent it out, not live in it herself. I know there are existing taxes she should pay, if she goes down this route, I just don't know the amount. She is happy to pay the taxes, but needs to know what the amount is, to figure this in to her sums. Do you know the amount? I assume it is a % of the rent she would receive. Is this correct?
 
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