Rental Income Tax Return

Chubbed-again

Registered User
Messages
7
Hi ,
I would be grateful if someone could advise the most tax efficient way to process a tax return on rental income in my circumstances ,joint or individual assessment ?

Me : Irish,Non Resident - PAYE Income €33,600
Me :Tax Paid - €3420
Me : USC Paid -€834.97

Wife : Non Resident - Irish Illness benefit €10556

Rental Profit - €6441
 

relax carry on

Registered User
Messages
43
Hi ,
I would be grateful if someone could advise the most tax efficient way to process a tax return on rental income in my circumstances ,joint or individual assessment ?

Me : Irish,Non Resident - PAYE Income €33,600
Me :Tax Paid - €3420
Me : USC Paid -€834.97

Wife : Non Resident - Irish Illness benefit €10556

Rental Profit - €6441
Who owns the property and if you are a non resident landlord, are your Tennant's paying your directly or are you using a collection agent?
 

relax carry on

Registered User
Messages
43
We own the property between my wife and myself and the tenant pays directly to us.
As joint owners, I'm assuming 50/50; you must declare half income & expenses under yourself and half under your spouse. Don't forget to claim the credit for the tax your tennant's have withheld from the rent and paid over to Revenue.

 

Vanessa

Frequent Poster
Messages
239
Dont forget to claim for the cost of travelling to inspect the property. My accountant allow 500 euro. Revenue never has an issue with that.
 

Fergal19

Registered User
Messages
124
Dont forget to claim for the cost of travelling to inspect the property. My accountant allow 500 euro. Revenue never has an issue with that.
Have you been audited? Just wondering as I’d imagine you’d have to have back up for it?
 
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Vanessa

Frequent Poster
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239
Have you been audited? Just wondering as I’d imagine you’d have to have back up for it?
I have not been audited but I do have flight receipts for travelling to Ireland.
If Irish resident my accountant has said Revenue would be satisfied with a similar figure once you are not abusing it.
 

fidelcastro

Frequent Poster
Messages
108
I have not been audited but I do have flight receipts for travelling to Ireland.
If Irish resident my accountant has said Revenue would be satisfied with a similar figure once you are not abusing it.
Presume your purpose was exclusively related to the property.
 

NoRegretsCoyote

Frequent Poster
Messages
1,294
If your wife is non-resident and makes a profit of >€5k she is obliged to make a PRSI payment of €500.

It is class S and can be used for non contributory state pension eventually.
 

Bronte

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13,807
I have not been audited but I do have flight receipts for travelling to Ireland.
If Irish resident my accountant has said Revenue would be satisfied with a similar figure once you are not abusing it.
Wow. My accountant advised me not to claim it. I was planning on major renovations next year, flying back a few times and staying in the property despite the state it will be in. That’s great to learn.
 
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