Form 12 Jargon Rental Income

R

Room

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Hi All

New to this hope you can help. my partner of 2 years has told me that he hasn't declared his rental income for the past 6 years. Clever. I know.
He is going to bite the bullet and go for it & I'm going to try to complete the forms for him. The more I am looking in to it the more trouble there seems to be. He never registered with the PTRB ever.

I need help.There seems to be a loss each year so what would be the solution in this case
Rental Loss €100 Capital All €500
"Capital Allowances available for c/f or offset" does this include the loss & so would be €600.
Excess Case V Capital Allowances ?
Any help
 
If he didn't register with the PRTB, then he can't claim his mortgage interest as a deduction. Highly likely then that in the eye's of revenue he made a profit each year. I think you really need to go and get professional help on this one. Not as easy or as straight forward as it sounds.
 
Knew about the interest issue but was hoping that the fact he is coming clean they would let it slide.
 
Don't whatever you do just send in the forms for 6 years and leave it at that. If you do you will end up paying penalty interest of 6 years (you may end up having to pay that anyway).
You need to engage someone with experience in tax and should probably make an "unprompted qualifying disclosure" coming clean to Revenue about the un-declared income. You will not be able to claim mortgage interest as a cost but your tax advisor should be able to tell you more, don't do it yourself pay the money and get good advice.
 
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