I am preparing my first rental income computation for the revenue (2004). I contacted the inspector of taxes, and recently recieved a letter back from him requesting a computation of rental income. I am a paye worker, and have no other un-taxed income other than the rental income. Is a letter outlining the details sufficient, or do I also need to fill out a form 12?
Details of the account are as follows
Gross Rent Recieved 6000
Interest on Mortgage 4597.82
Insurance 420.46
Repairs 1019.00
Income before capital allowances -37.28
Capital Deprectation 1000.00
Rental Income loss of 1037.28.
I have the paperwork to support all of these figures
Any comments appreciated.
Details of the account are as follows
Gross Rent Recieved 6000
Interest on Mortgage 4597.82
Insurance 420.46
Repairs 1019.00
Income before capital allowances -37.28
Capital Deprectation 1000.00
Rental Income loss of 1037.28.
I have the paperwork to support all of these figures
Any comments appreciated.