Rental Income....

D

demps38

Guest
Hello,
In Sept 2008 my husband and I rented out our house and moved back into my family home while our new house is being built. We are registered as landlords but what I need to know is must we fill out some form for the end of 2008 to declare this rental income (it mostly just covers the mortgage)... Or do we fill it out next year when a full year is done? What form do we fill out as we are new to this????
Thanks.
 
2008 rental income has to be included & paid with your 2008 tax return (due Oct 2009). Use Form 12 if this is your only non-paye income and your profit is no more than €3,174

You will have to pay preliminary tax on income earned in 2009 in Oct 2009 also, with the final tax payment & return due in 2010.
 
WHy don't you set up a bank account and get your tenant to desposit the rent into your bank account.

The bank statements will then become your record of rental income. It is hassle free for you and you can easily check if your tenant has paid if you use on-line banking.


If the tenant makes a deposit, they will be given a receipt by the bank. I don't bother giving any receipts myself. Strictly speaking you are supposed to. You could type up a recipt or statement of acount every say 3 months, detailing lodgemennts you your bank account, sign it and post it to your tenant.


You should set up a file for your property which can be a lever arch file or a shoebox! Put every receipt, coresspondance etc into it.

You are better off avoiding having to call to the house regurlarly. You need to be professional(firm but fair) in your dealings. Organise inspections of the property ie give them notice and arrange a time suitable to them.
 
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