No tax paid on rental income and now bank forcing sale

Thanks guys.

Bronte. Here's the full figures per year on interest paid and rentail income. I'll have to look back at house insurance but it's been around 300 euro per annum.

Interest Paid Rental Income

2008 9276.59 7600
2009 10264.77 10600
2010 9857.84 7700
2011 10454.62 8400
2012 8690 8400
2013 8189.69 8400

Do you think I'll be ok, based on this? If, for example, in 2011, there's a difference between 75% of interest paid and the rentail income - in this case 559.03 euro, what rate is that taxed at? Can i take off full amount of insurance paid from that, so it'd be 259.03 if insurance was 300?
 
Come on Mortimor, you can do better than that ! Per year as follows:

2008
Rent 9000
Mortgate interest @ 75% 8100
House insurance 300
Life insurance
W&T 1200*
Gardening
Bins
Rates/water
repairs

I'd guess there may be zero tax liablity, but you need to submit tax returns. There is a whole host of things to bring your rental income below taxable level.

I'm not good on the USC/prsi parts though as my accountant took over from me in doing my accounts for these.
 
Good point Windup, yes each year of a loss gets carried forward.

Mortimer needs to post up for 2008 9 months interest only though. Will probably still have a loss to carry forward once all other costs are deducted. The important thing is to do the accounts per year.
 
For 2008 interest from date of first letting to 31 Dec 2008 is allowed.

The interest restriction only came in on 7 April 2009, so for 2009 81.58% of the interest would be allowable.

All years thereafter it's 75%.
 
hello
I also have not paid income tax on my aptm. that Im renting out since end of 2011.
Mortgage payments are up to date, and would like to come clean, but will I have to pay tax arrears to Revenue?
I'm in negative equity by about 100K and dont really feel like spending any more money on the bloody place!
Anybody out there in similar situation?
 
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