Will bank report to revenue TRS

LByrne

Registered User
Messages
75
Hi

I was wondering if someone could help, I have been renting out my property for the last 6 months and totally forgot about TRS.. I have since cancelled it but they never said anything about paying for the last 6 months as they never asked.

My question is, I am going for a second mortgage with a different bank at the moment and need to include mortgage statements but it details TRS on it, the bank I am applying for mortgage with knows I have been renting out as I need to state it on application. Does anyone know if the bank will inform revenue that I was getting paid TRS for the months I was renting out, albeit the mortgage application is with a different bank?
 
You need to repay to Revenue the overpaid TRS. The contact details for the Revenue TRS Unit are on the Revenue website. If you don't, the liability wont go away and may dog your application for the second mortgage.
 
Revenue may well spot this in any case as soon as you file a tax return for the rental income.

FWIW, I have previously found that particular section of Revenue to be very reasonable. Just give them a call, explain what happened and make the necessary arrangements to repay the excess TRS - they won't bite your head off.
 
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