Chubbed-again
Registered User
- Messages
- 8
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
We own the property between my wife and myself and the tenant pays directly to us.
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.
I have not been audited but I do have flight receipts for travelling to Ireland.Have you been audited? Just wondering as I’d imagine you’d have to have back up for it?
Presume your purpose was exclusively related to the property.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.
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.
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.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.
I don’t understand this post?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.
I don’t understand this post?
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