How to declare rental income?

J

John_Jo

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I own a property which has been rented to the same tenant for the last 15 months. Previously I had only done week by week rental during summer months so I am not familiar with the tax issues involved. I think I need to declare 2009 rental income by Oct 2010 but am not 100% sure. Also what do I declare and is anything deductable? Any advice would be greatly appreciated. J.
 
Once you have non PAYE income (i.e. rental income), you are classified as a chargeable person and must complete a TR1 form to register for income tax.

You are correct, Form 1 and payment of any liability is due by the 31 Oct of the following year (extension available for online returns).

Please read this leaflet No 70 which has full details of rental income and deductions etc http://www.revenue.ie/en/tax/it/leaflets/it70.html

I do lots of these returns so you are more than welcome to contact me.
 
I was looking at the Form 12, and it is very confusing as to how to fill it in. The revenue leaflet does not give details on filling in the form.

Would anyone be willing to give a worked example over a couple of years on this.

Many thanks.
 
DingDong,

Get an accountant to do it, at least for the first year and you might be able to do it in year 2.
 
There's a comprehensive booklet on form 12 [broken link removed] (for 2008). Note that you are also taxable on income from summer rentals so you may have to square away prior years if you didn't declare that income.
 
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