DkIT are continuing to appeal for local people to consider renting a room in their home as student accommodation during the new academic year.
New Students Union President Niamh Fallon, who has has been leading the campaign said: “The Rent-a-Room scheme is not a long-term solution to our accommodation crisis but it is an option for first year students or international students as they find their bearings in the early days, or for those renting it can be a financial bonus to parents who are funding a third level student living away from home.”
Anyone with a room in their home that could be rented out to private tenants, including students, will be exempt from income tax on the rental income they earn.
A self-contained unit, such as a basement flat or a converted garage attached to the home can also qualify for this relief.
Under the Rent-a-Room relief, there is an opportunity to currently earn €14,000 tax free. If the gross rental income does not exceed the exemption limit, you do not pay income tax or PRSI or USC.
There are criteria around the scheme such as a ‘minimum continuous letting period.’ This means the relief does not apply to income arising from letting periods which do not exceed 28 consecutive days.
It is important to remember that the Rent-a-Room relief does not apply to a child or civil partner, an employer or short-term guests (including those who book accommodation through online booking sites).
More information is available at https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/rent-a-room-relief/qualifying-conditions.aspx
If you think you could offer a room to a DkIT student, or are a student looking for accommodation, more information is available from email@example.com