Tax on rental income

P

PADDYMAC

Guest
I have recently married and moved out of my apartment and into my new wifes house. I have aquired a tennant for my apartment and I am now looking to start the process of declaring myself for tax on this rental income. I know about the NPPR fee and having also to register with PTRB but thats about it. Would anybody know how to make the revenue aware and how to pay relevant taxes?
 
In 2008 (due to higher interest rates) the interest cost of my mortgage exceeded my rental income by circa €3,400. In 2009 my rental income exceeded my mortgage interest payments (@75%) less other expenses by circa €3,300. Can I offset my '08 losses against my '09 gain ? If so, am I setting the gross loss (3,400) against the gross gain (3,300) or the tax payable on the gross gain (1,419). Can I carry forward the excess against any gains made in '10 (100 or 1,981) ?
 
Losses on rents amy be carried forward against profits from rents in subsequent years.
The allowable loss in your case in 2008 is €3400.
The chargeable profit in 2009 is €3,300.
You can set the €3,400 against the €3,300 leaving €100 to carry to 2010.
The amounts carried are always the profit or loss amounts not the tax amounts.
 
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