Paul O Mahoney
Registered User
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Hi, all just thought I'd ask a question on something that has never happened before and would appreciate your views. I have just finished the 2020 return and calculated the 2021 preliminary tax .
We have changed a few things, one was having one of two rentals be taxed at the lower rate, as I don't have any other taxable income. Last year and since 2011 I returned all rentals under my wifes income and paid tax,prsi and USC at the marginal rate come eventhough I legally own 50% of the rentals .So, I've corrected that for both 2020 and 2021.
The other is adjustment was maximising AVC contributions and that has generated a 9k reduction in her income tax.
After all of that it looks like the overpayment in 2020 and the 2021 preliminary looks like Revenue will owe us approximately 4k .
I was thinking that if it was possible I'd leave that amount with the Revenue and then in early 2022 do the actual 2021 return and see what washes out. We also have a CGT liability for 2021 which needs to be paid in December, its 3.5k and was wondering if there was money on the account if we could offset the CGT liability.
Any advice would be appreciated.
We have changed a few things, one was having one of two rentals be taxed at the lower rate, as I don't have any other taxable income. Last year and since 2011 I returned all rentals under my wifes income and paid tax,prsi and USC at the marginal rate come eventhough I legally own 50% of the rentals .So, I've corrected that for both 2020 and 2021.
The other is adjustment was maximising AVC contributions and that has generated a 9k reduction in her income tax.
After all of that it looks like the overpayment in 2020 and the 2021 preliminary looks like Revenue will owe us approximately 4k .
I was thinking that if it was possible I'd leave that amount with the Revenue and then in early 2022 do the actual 2021 return and see what washes out. We also have a CGT liability for 2021 which needs to be paid in December, its 3.5k and was wondering if there was money on the account if we could offset the CGT liability.
Any advice would be appreciated.
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