Rental income questions

Bronte said:
Tommy has just pointed out something very important about the PRTB that others might not know. A) all flats within one building has to be registered, not just one tenancy
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Just spotted this now: that wasn't my point actually (although it is true).

My point refers more to a situation eg where a tenant leaves during the year and is replaced by another, but the change (and the €90 fee) isn't registered with the PRTB. In this case, the landlord has a slip of paper confirming they have registered with the PRTB, but they haven't actually "complied in full" with the Residential Tenancies Act by registering all tenancy changes and thus technically aren't entitled to the interest deduction against taxable rents.

So the slip of paper can actually mislead.
 
PRTB

Tommy, yes I realise that too in relation to PRTB - who I've been dealing with since 2004. But I think the mortgage interest was only making it obligatory since 2006. There is no slip of paper to prove when tenants leave. And the PRTB website is a mess. And I know for sure their old records are total chaos. But I now realise something I hadn't since yesterday, say revenue comes an audits me and goes back say to 2007 and I discover I had a tenant for a month that I never registered, sure even if I don't know their name I can just now put down Paddy Murphy, with the relevant dates and back date the registration and the problem is solved. In my case I have a) the tenant's real names, b) their PRSI nos, c) the date of registration, d) their date of leaving. I've only though been doing this with my accountant and can't remember who what and when back in the mists of time. I put these details on an excel I send my accountant. With the PRTB confirmation no. This way I will not miss registering a tenant.

Because of this thread I decided to look back on last year and I see that I've to re register a sitting tenant (4 years) in Nov.

NPPR/Household Charge/LPT

I also checked these for last year and I've been deducting all three. The note I wrote myself on my excel is along these lines... LPT was introduced in xxx to fund local authority services, ie rates. It replaces the NPPR and household charge.
 
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To reiterate a previous poster and it being rental income time for returns to revenue I'm just wondering if...

1. Pre-rental expenses not allowable but goods can be estimated on current value.
2. Taxable income is gross income for USC tax minus expenses & capital allowances at 12.5%/8years).
3. USC is charged on rental income after capital allowances and before expense deductions.
4. On higher tax rate, Jan-Dec 16, taxable income is 52% tax (41% income tax + 4% PRSI + 7% USC).
5. 75% of mortgage interest is deducted from the gross rental income if registered with the PRTB - costing €90 if registered within the month o €190 retrospectively after one month.
6. Mortgage protection policy payments are allowable for rental tax income purposes.
7. An overall rental loss will still incur 4% PRSI + USC charge (if mortgage interest, expenses plus capital allowances exceed rental income),
8. Preliminary tax is required - if rental profit exceeds €3174
9. A loss on one Irish rental property can be off-set against another Irish rental property.
10. An audit by Revenue will require expense receipts for the previous six years.
11. After six months of occupancy, a tenant is allowed to stay 112 days after notice given by owner.
12. Tenants may occupy a property without paying rent until a decision has been made by the PRTB.
13. Property tax is not an allowable rental expense.
14. When a tenant vacates a property, expenses can be claimed while a replacement tenant is sought.
15. When making a tax return, all bank savings (except for PO state savings) are liable for dirt tax + USC.

I agree with most of the above but would appreciate any feedback/comments. Thanks in advance:)
 
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Gordon Gekko said:
USC is charged on rental income less expenses but before capital allowances are deducted.
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Everyday is a school day Gordon Gekko!
Is it still possible to register tenants retrospectively i.e. without tenant PPS numbers or signatures? And do I need to lodge the deposit with the PRTB when registering?
 
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Hi,
I sold an apt in July2015. It was previously my PPR. I rented it out from June 2012 to July2015 , all rental income declared on Form12 , PRTB , NPPR , IPT all as it should be.
My questions;

1) Can I claim Estate agents and legal fees against rental income for 2015? Including VAT? I am not registered for VAT - private individual.
2) I made a Capital loss of €30K - is there any point completing a CGT return to register and use the loss going forward

Thanks,
 
I didn't see this mentioned - [broken link removed]

100% of mortgage interest may be claimed instead of the usual 75% if you rent out to a social housing tenant.

The PRTB are still accepting applications though the deadline has passed.

The form is notoriously difficult to find - [broken link removed]
 
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