Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

How do I declare rental income?

Options
  • 13-04-2006 12:02pm
    #1
    RainbowBrite
    Closed Accounts Posts: 65 ✭✭


    Hi, I just registered because I was reading the thread on rent relief.

    I've just bought a small apartment & just got my first tenant.
    I'm completely new to this, so completely clueless.

    I'm sure my tenant will also want rent relief, who wouldn't!!!

    I'm not paying tax on the income yet, like I said I've just started.

    But the thought of being done for tax evasion has panicked me.

    When I read that thread, I looked up the Revenue site, but it's all double dutch to me.

    I've no idea what form I'm supposed to fill out. Can anyone tell me?
    Is there any type of relief available to me, & if so, what do I need to fill out to apply for it.

    Sorry I'm coming across as SO clueless, but I really am, & the last thing I want is to not be 100% legal.

    I've done the registering with the PRTB bit, but I need help with the tax.

    All advice welcomed!


Comments

  • Options
    #2
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    Go to an accountant and pay for him to tell you as internet advise is not what you need. If you can't get to grips with the revenue site you are best getting hands on help the first time at least.
    You may now be liable for a different stamp duty amount too depending on what you applied for.
    I hope you kept all the recipts or at least a record of the money you spent on the property.

    Out of couriosity why did you not look at this before hand?


  • Options
    #3
    RainbowBrite
    Closed Accounts Posts: 65 ✭✭RainbowBrite


    Just disorganised & never thought tbh.
    Was also niggling at the the thought of moving from my current place to live there myself & then decided against it.

    Thanks.


  • Options
    #4
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    RainbowBrite wrote:
    Just disorganised & never thought tbh.
    Was also niggling at the the thought of moving from my current place to live there myself & then decided against it.

    Thanks.
    Sounds like you probably would now be considered an investor do you know which stamp duty you paid? If renting makes you liable for stamp duty now? Sometimes it is not worth renting for tax reasons. Unlikely to be caught.

    I suspect that if anything gets blamed on investors in the future investigation may start and tax liability will be investigated so best to correct everything early to sleep well.

    I have reported people for not paying tax as I was and they were undercutting me. Seems fair to me.


  • Options
    #5
    RainbowBrite
    Closed Accounts Posts: 65 ✭✭RainbowBrite


    No stamp duty:- first time buyer

    Just checked on the net.
    Still exempt from stamp duty:- purchase was under €127k


  • Options
    #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    As per Morningstar- check with a tax consultant (preferably one who specialises in property (a lesson I learnt the hard way.....))
    Note: I am not sure what renting your property out does to your status as a first time buyer (you're probably below the threshold anyway though). Check it out.


  • Advertisement
Advertisement