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Renting out inherited farm

  • 07-12-2020 5:35pm
    #1
    mickdw
    Registered Users, Registered Users 2 Posts: 23,466 ✭✭✭✭


    I inherited some farm land.
    I am including the small rental income from it on my tax return.
    Is it just a simply matter of including it on my tax return?
    Do i need to do anything else re revenue?
    The land has gone into my name. Stamp duty paid and IT38
    Return previously submitted and tax paid on the inheritance.


Comments

  • #2
    duffysfarm
    Registered Users, Registered Users 2 Posts: 852 ✭✭✭duffysfarm


    do you have any rental expenses for the letting of the land - insurance, auctioneer fees or any repairs?
    also what is the term of the land rental - there are generous tax reliefs for signing up to leases for more than one year


  • #3
    mickdw
    Registered Users, Registered Users 2 Posts: 23,466 ✭✭✭✭mickdw


    duffysfarm wrote: »
    do you have any rental expenses for the letting of the land - insurance, auctioneer fees or any repairs?
    also what is the term of the land rental - there are generous tax reliefs for signing up to leases for more than one year

    Ya insurance just really.
    Im aware of the exemptions. I will be signing a new 5 year lease early in new year which will qualify for exemption.
    Just letting the current farmer run out his term and this doesnt qualify for exemption.


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