Haven't a clue...help!! Rental Income Tax

G

guideanna

Registered User
Messages
93
Hi All,

I have an apartment i rent out and i have already registered with the PTRB now i need to figure out how i pay the tax on the rental income.
I am a PAYE earner but i understand the income on my property is paid my self assessment? So when working out my tax on my rental property does anyone know the form i need? Is it Leaflet IT 10??

Do i count my rental income as an addition to my other earnings so therefore earnings up to 34,000 @20% and then 40% thereafter.
I understand about the allowable deductions i'm just looking for a bit of help on the form and what is taxable.

Thanks
 
So when working out my tax on my rental property does anyone know the form i need? Is it Leaflet IT 10?? Form 11

Do i count my rental income as an addition to my other earnings. Yes
PRSI/Levies possibly also due on rental income.
.
 
If you don't want the trouble of working it out and the profit is relatively small (my own guess under €6,000) and note you may miss the opportunity to save yourself some money just ring the 1890 PAYE number, give your PPS number and the amount of taxable rental income which would be Gross Rental Income less expenses (insurance, allowable interest paid on loans, repairs etc etc) less capital allowances (wear and tear on fittings).

That will take care of it through your tax credits, although it is a bit late in the year to be doing that for 2010. You should wait until early 2011 and ring them, and at the same time complete a form 12 for 2010. You may owe them some money for 2010.

The other option is to complete a form 11E and also to pay the tax (for 2010) before the end of October.
 
You should fill in a form 12. There is a part there which deals with rental income as a PAYE worker. The tax is due for 2009 by the end of October. If you have only started renting in 2010 then your return is due on October 31st 2011. You really need to employ an accountant to do this for the first year as he will probably save you the fee you pay him by making sure the claim is correct and you claim for all.
 
Thanks all i don't mind doing it myself once i get my head around the workings. I only started renting the property in 2010 but i thought i had to get my form in by the end of this month? So is it not until October next year i have to do anything?
Can anyone give me a link to the form i need to fill in can't find it on the revenue website.
 
A quick google for
The first one is your man. Check the Key posts under property in the site for what some of the allowances you can collect for.
 
thanks for that.
That form is dated for 2009 so does that mean i don't have to pay or do anything until end of Oct next year when i'd be paying for earnings in 2010?
This would make sense to me since i haven't earned any rental income yet for November or December so why would i be paying the tax on it before i earn it.
 
Your income tax return for 2010 (including rental income) is due by Oct 31, 2011 so no panic for this year.

In Nov 2011, you will have to pay any income tax due on the earning from 2010 AND also pay preliminary tax for estimated rental income for 2011. This is usually based on the previous year's rental income, ie 2010 in this case. When you submit your return for 2011 in Oct 2012, you will have to pay any extra if you have under-estimated or you will be due a refund if you have over-estimated and then pay preliminary tax for the 2011 income. And so on in 2012, ...
 
ok jpd, so just to clarify i don't have to pay the preliminary income for this year but i will in subsequent years.
Just want to make sure i don't get hit with interest next year when i go to pay the tax on the income from this year.
 
Thanks all checked this with an accountant and was told i don't have to pay until next october and then i'll owe for what i earned in 2010 and also for prelim 2011.
 
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