ivorystraws
Registered User
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Hi All,
I co-owned a house with my brother from 2005 until it sold last month. It was my Principal Private Residence (PPR) as I co-owned it, used it as my main residence, had all post sent there and lived there. However, the house is based in the west of Ireland but my work required me to be based in Dublin and/or travel onsite to customers.
1. For CGT purposes, the Revenue have queried the following:
The property was my PPR from 2005 to 2017 but I did claim the Rent Tax Credit in 2005 and 2007 as it enabled me to attend my work office, attend courses and travel onsite to customers. I travelled home when I could, at weekends and sometimes during the week when I could benefit from working remotely.
The Revenue are looking for clarification on whether it was my PPR for those years. Does the fact that I claimed the Rent Relief mean that the property was not my PPR?
2. For tax payable on any rental income received, the Revenue have queried the following:
On occasion, from about 2012 to 2021, I rented out a rent a room, for the token amount of €190 per month (and that included bills). This was done under the rent a room license arrangement as one of the owners of the house (my brother or me) would have been living with the tenant in the property at the time.
Since any persons renting the room were licensees, I wasn’t aware that there was any requirement to register with the PRTB or enter the amount on the Income Tax Return (Form 11).
My understanding is that any rental income earned is exempt from income tax, as the income never exceeded the limits set out under the rent-a-room relief.
As I didn't claim any Tax relief on the Rental Income (i.e. I didn't note it on my Income Tax Return on or on the Form 12), am I liable for tax payable on any income received from tenants (since it hadn't been reported to the Revenue?
Thanks in advance for any helpful advice.
I co-owned a house with my brother from 2005 until it sold last month. It was my Principal Private Residence (PPR) as I co-owned it, used it as my main residence, had all post sent there and lived there. However, the house is based in the west of Ireland but my work required me to be based in Dublin and/or travel onsite to customers.
1. For CGT purposes, the Revenue have queried the following:
The property was my PPR from 2005 to 2017 but I did claim the Rent Tax Credit in 2005 and 2007 as it enabled me to attend my work office, attend courses and travel onsite to customers. I travelled home when I could, at weekends and sometimes during the week when I could benefit from working remotely.
The Revenue are looking for clarification on whether it was my PPR for those years. Does the fact that I claimed the Rent Relief mean that the property was not my PPR?
2. For tax payable on any rental income received, the Revenue have queried the following:
On occasion, from about 2012 to 2021, I rented out a rent a room, for the token amount of €190 per month (and that included bills). This was done under the rent a room license arrangement as one of the owners of the house (my brother or me) would have been living with the tenant in the property at the time.
Since any persons renting the room were licensees, I wasn’t aware that there was any requirement to register with the PRTB or enter the amount on the Income Tax Return (Form 11).
My understanding is that any rental income earned is exempt from income tax, as the income never exceeded the limits set out under the rent-a-room relief.
As I didn't claim any Tax relief on the Rental Income (i.e. I didn't note it on my Income Tax Return on or on the Form 12), am I liable for tax payable on any income received from tenants (since it hadn't been reported to the Revenue?
Thanks in advance for any helpful advice.