Tax on rental property

[RonDom]

I have a rental apartment which will be vacant from next month. My son has returned to Ireland and will live there for the next year. Are there tax implications for me? Also, if there is no anticipated rental income for the next year do I still have to pay preliminary tax?

 

[jpd]

Your preliminary tax due in Nov 2021 is for your expected profits in 2021 - if you have zero profit, then zero preliminary tax is due

 

[elcato]

Well if you have the place rented till next month you will have some tax to pay. As you have stopped renting you can only claim on 33% of any expense occured such as service charges. On the plus side by 30/10 you should know what you liabilty is for the year.

 

[RonDom]

Thanks very helpful

 

[Allen]

Technically might the rent forgone, contribute to your son's Capital Acquisition Tax liability at some time.