Kevin198823
Registered User
- Messages
- 5
Hi,
I have a pre 63 property with 9 individual units. Since the Local Property Tax came in I have paid the LPT on the house itself approx. €900 and not the individual units. I have since learned that I should have paid the property tax on each individual unit approx. €100 per unit. I plan to selling the house in 5 -10 years time and I have heard that when I sell the property I must pay all the back tax for the previous 11 years for each unit (11 years x 9 units x €100 = €9,900). I am wondering will the cost of taxing the full house be deducted from this and will there be penalties/ interest added. It seems that if I have paid for the full house and now each individual unit I will have paid double tax.
Also what is best way I can go about rectifying the problem. Do I get in touch with the revenue and now declare each unit, then try to register each unit for the 11 previous years. I am hoping I can pay €1,000 of each year instead of the €9,900 in one go. Any advice will be appreciated. Thanks
I have a pre 63 property with 9 individual units. Since the Local Property Tax came in I have paid the LPT on the house itself approx. €900 and not the individual units. I have since learned that I should have paid the property tax on each individual unit approx. €100 per unit. I plan to selling the house in 5 -10 years time and I have heard that when I sell the property I must pay all the back tax for the previous 11 years for each unit (11 years x 9 units x €100 = €9,900). I am wondering will the cost of taxing the full house be deducted from this and will there be penalties/ interest added. It seems that if I have paid for the full house and now each individual unit I will have paid double tax.
Also what is best way I can go about rectifying the problem. Do I get in touch with the revenue and now declare each unit, then try to register each unit for the 11 previous years. I am hoping I can pay €1,000 of each year instead of the €9,900 in one go. Any advice will be appreciated. Thanks