NY_Resident
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I own a rental property in Ireland but I am not resident in Ireland for tax purposes (I am an Irish citizen who temporarily relocated to the US a few years ago). I am completing my tax returns for FY08 and I'm hoping someone out there can help with the following questions (there's surprisingly little help on this on Revenue.ie)
1. This is the only Irish sourced income I have (apart from a small amount of interest on a bank a/c). My understanding is that I need to complete Form 11 rather than Form 12. Agree?
2. Under which line entry on Form 11 do I record the depreciation of fixtures and fittings (i.e., under "Other" [line 206(e)] or as a capital allowance [line 208])? I had previously thought that the line 208 entries were simply used for recording capital allowances associated with special property construction incentives but I read something recently which suggested otherwise. For 2007, I recorded the depreciation under "Other".
3. How do I record the losses from 2007 and 2008 (which was the first year of rental) that I want to carry forward to next year? I presume line 210 is used for this purpose but I am unclear as to what exact number goes in this line. Is it (a) just the loss from 2007 (b) sum of loss from 2007 + loss from 2008?
4. What is the process for making corrections to tax returns filed in previous years? In my case, if I have misrecorded the depreciation as per (2) above, I am wondering what it is I will need to do to correct the situation.
Many thanks.
1. This is the only Irish sourced income I have (apart from a small amount of interest on a bank a/c). My understanding is that I need to complete Form 11 rather than Form 12. Agree?
2. Under which line entry on Form 11 do I record the depreciation of fixtures and fittings (i.e., under "Other" [line 206(e)] or as a capital allowance [line 208])? I had previously thought that the line 208 entries were simply used for recording capital allowances associated with special property construction incentives but I read something recently which suggested otherwise. For 2007, I recorded the depreciation under "Other".
3. How do I record the losses from 2007 and 2008 (which was the first year of rental) that I want to carry forward to next year? I presume line 210 is used for this purpose but I am unclear as to what exact number goes in this line. Is it (a) just the loss from 2007 (b) sum of loss from 2007 + loss from 2008?
4. What is the process for making corrections to tax returns filed in previous years? In my case, if I have misrecorded the depreciation as per (2) above, I am wondering what it is I will need to do to correct the situation.
Many thanks.