Hi there,
I'm an accidental landlord of an apt in Dublin rented under the RAS scheme. I filed Form 11 today via ROS.ie for 2016. Rent did not quite cover mortgage for that year. Management fees 2K, interest 9K (75% of that went onto form), expenses 300 Euro. Zero profit, loss of just over 2K.
It seems my tax bill for 2016 is over 3K. I have filed the return, but not paid yet.
I met with an alleged tax professional today, in the hopes that I had missed something. She offered no suggestions, but not sure if she was properly qualified.
Posting here as an SOS. If the annual tax bill is going to be 3K, we need to quit the RAS scheme and either rent for full market value or sell asap. An annual loss of 5K (2K in management fees + 3K in tax) would be pure madness.
Thanks,
Pearl
I'm an accidental landlord of an apt in Dublin rented under the RAS scheme. I filed Form 11 today via ROS.ie for 2016. Rent did not quite cover mortgage for that year. Management fees 2K, interest 9K (75% of that went onto form), expenses 300 Euro. Zero profit, loss of just over 2K.
It seems my tax bill for 2016 is over 3K. I have filed the return, but not paid yet.
I met with an alleged tax professional today, in the hopes that I had missed something. She offered no suggestions, but not sure if she was properly qualified.
Posting here as an SOS. If the annual tax bill is going to be 3K, we need to quit the RAS scheme and either rent for full market value or sell asap. An annual loss of 5K (2K in management fees + 3K in tax) would be pure madness.
Thanks,
Pearl