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Reluctant landlord

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    #32
    sunnysoutheast
    Registered Users Posts: 2,072 ✭✭✭sunnysoutheast


    riclad wrote: »
    yes I understand ,
    but i,m posting about some one that has ONLY one property ,rented out.

    SO if you are not making a profit, theres no point in trying to claim tax credits from previous years ,eg 3 years ago,

    UNLESS you are claiming for an item, say a cooker ,fridge, over 8 years.

    i,m saying in general ITS not worth paying an accountant IF are making no profit on rental income, AFTER mortgage, interest, expenses.

    as a landlord you can claim 75 per cent mortgage interest paid on the
    rental income as an expense , also service charges on the property.
    fees to the prtb etc
    ITS pretty easy to fill out a tax return if you keep records ,
    bank statements, statements of interest paid per year.
    reciept from prtb etc

    if you are making a profit then pay an accountant to fill in your tax return .

    I'm not sure whether I just misunderstand what you're trying to say, it may be the same as me, but I've explained the way I believe it works as simply as I can.

    You are not claiming tax credits. You are carrying forward losses which may be of use in future years to reduce the tax bill at that point.

    It may not be worth paying an accountant if you are comfortable with doing your own return, true, but this is a complex area and easy to get wrong.


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    #33
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    yeah I understand what you are saying ,
    BUT my friend wont make any profit in the next 15 years.
    so theres no point in her carrying forward losses,
    SHE will have no taxable rental income in the next 15 years at least.
    she will have no tax bill ,
    TO use carried losses against .
    i UNDERSTAND some landlords who make a profit will want to carry forward loss,es to use against taxable income.
    i think an Intelligent person should be able to fill in a tax return ,
    its not that complicated .
    IF you are making a profit ,you may as well pay an accountant
    as you can claim the fee as a landlord,s expense.


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    #34
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Riclad- I'm going to move your posts- and the responses to them, off into their own thread- where both you and the OP can have individual circumstances looked at.

    As an aside- never say never- its impossible to reliably say that your friend is not going to have a taxable income from renting the property, over the next 15 years (or over any other timescale). Proposals are to do away with mortgage interest as an allowable expense (its at 75% at the moment)- if this happens, it will fundamentally change the landscape of the market.


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