2013 2014 2015 2 2016 2017 2018
Rental Income 2,700 10,800 10,800 11,100 12,300
Mortgage interest deduction 2,200 8,735 8,100 8,599 7,827
500 2,065 2,700 2,501 4,473
Other expenses 1,229 2,314 2,314 2,314 2,314
Rental profit / (loss) -728 -249 386 187 2,159
Losses carried forward 0 -728 -977 -591 -403
Total profit / (loss) -728 -977 -591 -403 1,756
Tax rate 20% 0.2
Tax to pay 351.16
Yes aristotle I am claiming capital allowances (wear & tear) and it is part of other expenses or other deductions I should probably call it.
.
If Revenue audit you, and you cannot provide receipts for capital purchases, wear and tear, repairs etc..........how are you going to explain that away?
If I was a Revenue person and looking that you back registered 5 years and are tell me that with rental income of €45,000 from January 2014 - December 2017 and you are telling me that the tax liability over this 4 year period is €351.16 I would be auditing you for certain.
Your figures are screaming out to be audited.
If they are correct, lucky you, but you better have the proof to back it all up. If you audited and can't prove everything, there's no outlet for you and Revenue will go after you for penalities and interest etc to the full extent of the law.
2013
Other expenses 1,229
2014
Other expenses 2,314
2015
Other expenses 2,314
2016
Other expenses 2,314
2017
Other expenses 2,314
Rough calculations so far...
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