F
Hi Folks,
I have prepared my profit/loss summary for rental income I received last year and have arrived at a loss.
Do I need to send this profit/loss account along with the tax return or just fill in the relevant section on the tax return?
Thanks in advance
Fredser
Thanks for that bazermc ...
One other thing : I am a PAYE employee so am I right in assuming that I only need to fill in the rental income section of the return and don't have to fill in the employee earnings section on this form?
Cheers again
Fredser
Fredser
As a matter of interest, what TAX return Form are you using?
Ger.
Was planning on using [FONT="]http://www.revenue.ie/forms/form12.pdf ... unless anybody knows any different ???????[/FONT]
[FONT="]Fredser[/FONT]
The reason I ask is that the Revenue are insisting that I submit a Form 11, even though I am PAYE and the net rental is less that 3175. My Tax Accountant is querying this with them though.
Hi Ger
Have heard of Form 11 but am unclear as to the difference between the 2 forms.
Keep me updated if you can with what happens with your accountant ...
Cheers
Fredser
Yes, you need to complete the full form including Gross PAYE income along with the amount of PAYE deducted, you may have overpaid PAYE and therefore due a refund. Also you may be claiming relief for medical expenses bin charges etc and Revenue will need to see what your gross income was.
I didn't think Revenue would refund PAYE because you made a loss on rental? Thought the two were unconnected? Have I misread the above?
Just to clarify, a rental loss from another country cannot be offset against a rental profit made in ireland or visa versa. There are 2 seperate heading in the return See link above and in particular
How is the tax due on rental income collected?
How are foreign rents taxed?
See link above and in particular
How is the tax due on rental income collected?
How are foreign rents taxed?
Foreign rents are primarily subject to local taxes under the local tax rules assuming there is a double taxation agreement in place.
If the individual is resident in Ireland then a irish liability will also arise on the amount of taxable income less a credit for foreign tax paid relief under the DTA
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?