Mortgage interest tax credit – qualifying conditions ?

Mortgage interest tax credit – Can I claim ?

The Mortgage Interest Tax Credit is available if you :

1. had a qualifying loan in the years 2022 and 2023 or 2024
2. had the interest on the qualifying loan increased from 2022 to 2023 or 2024
3. on 31 December 2022, had an outstanding loan balance of between €80,000 and €500,000.

You can only apply for the Mortgage Interest Tax Credit if the property was:

1. your principal private residence for 2023 or 2024
2. the principal private residence of a dependent relative
3. the residence of a spouse which they used to attend their employment.

You cannot claim the Mortgage Interest Relief Tax Credit if the property is not a qualifying property.

But your property also has to be

1. a residential property not compliant with Local Property Tax (LPT) obligations
2. a residential property not compliant with planning permissions
3. a residential property acquired from a connected party, where the purchase price substantially exceeded the property value.

Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie