Rental income tax returns - what forms do I need to return

Hi,

What are the forms I need to file when renting a property? Is it just the Form 11 every year?

Also, if I am making a loss renting my property (i.e rental income - expenses = negative). Do I need to file any returns at all?

Thanks.

You need to file a Form 11 return to revenue, even if you have a loss. AFAIK to claim mortgage interest as an expense you must be registered with the PRTB.

Hi

Does anyone know how long it takes revenue to process returns at the moment?

I sent in my tax return about 5 weeks ago to claim a tax refund for a film investment and just wondering when I can expect to get the money back.

Thanks

Eoin

I sent in a 2007 Form11 by ROS in February, and got the refund cheque about 2 weeks later. The paper form might take longer for them to process. Why not give them a ring and ask them what stage it is at?

I sent in my 2007 form 11 on 13/03/08 paper copy, snail mail. Don't know where that snail went but I haven't heard anything since

Black Sheep said:

I sent in my 2007 form 11 on 13/03/08 paper copy, snail mail. Don't know where that snail went but I haven't heard anything since

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Paper returns take much longer, allow at least 6 weeks+. ROS is the way to go.

Call me old-fashioned if you wish and computors are not my favourite pass-time but I am sticking to paper for now. Also I hope that is the last form 11 that I will ever have to do.
Next year I hope to be back to form 12 and who knows I might even manage that on-line

That's interesting.

When I was talking to someone on the helpline in revenue she said the only difference between online and post was the time it took them to receive it so she said only one day's difference.

I presume you don't get any notification and you just receive the money in to your account, is that correct? Sorry this is my first return so not familiar with the process.

You should get back a balancing statement (P21) with either cheque attached for overpayment or request for the amount due if you have underpaid

Saudi said:

That's interesting.

When I was talking to someone on the helpline in revenue she said the only difference between online and post was the time it took them to receive it so she said only one day's difference.

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Not my experience ( as an accountant filing both paper and ROS returns for many people). Think about it, the ROS system runs largely without human intervention. You or your accountant complete the return, upload to ROS, ROS generates an assessment. At present the assessment generation process is every few days, getting more frequent as the deadline for submissions approaches.

On the other hand once a paper return reaches Revenue it has to be inputted into the system by an operative to generate an assessment. Revenue do not have staff idly waiting for the next post to arrive, ripping open the envelope in eager anticipation of another return to input immediately. On their own helpline they state in a recorded message the approximate length of time for correspondence to be handled and this generally varies from 3-8 weeks.

If you want speed of input/output then as I said before ROS is the way to go. If speed is not an obstacle then complete the manual return and wait.