greenoverred
Registered User
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Hi
I am about to submit Tax returns to revenue for 2007, 2008 and 2009 and would appreciate advice before I do.
I purchased an investment property at the end of 2006 and it has been rented out on and off since May 2007.
The property has been registered with PRTB all through.
I have completed Form 12 for each year and I am returning a loss for 2007 and 2008. The reason for this is the property was vacant for a while during these years or else I lived in it myself. I am returning a profit for 2009.
Firstly can I offset the profit for 2009 against the losses for 2007 and 2008. I am concerned that I may not be able to do this as I have not claimed the loss at teh time it was incurred.
Secondly. What fines and penalties and I liable to as result of filing late returns.
Thanks for your help in advance
I am about to submit Tax returns to revenue for 2007, 2008 and 2009 and would appreciate advice before I do.
I purchased an investment property at the end of 2006 and it has been rented out on and off since May 2007.
The property has been registered with PRTB all through.
I have completed Form 12 for each year and I am returning a loss for 2007 and 2008. The reason for this is the property was vacant for a while during these years or else I lived in it myself. I am returning a profit for 2009.
Firstly can I offset the profit for 2009 against the losses for 2007 and 2008. I am concerned that I may not be able to do this as I have not claimed the loss at teh time it was incurred.
Secondly. What fines and penalties and I liable to as result of filing late returns.
Thanks for your help in advance