tax return on rental income

[Whitehead]

Hi,

I have a couple of questions regarding the filing of my first tax return on a rental property. Some background: I’m a PAYE employee jointly assessed with my wife – apart from our employment we have no further income other than a rental property (an apartment) first let in April 2010 after we moved out of it – this month I intend to pay the full tax on rental income for 2010 along with a preliminary for 2011.

1. I see a lot of references to Form 11 on this forum but not many references to (the shorter) Form 11E, I presume in my straightforward case a Form 11E will suffice, or is there something I'm missing here about Form 11E?
2. For 2010 the apartment management fee was around 1600 Euro – I paid half of it in January 2010 (when I was still living there) and the balance in June 2010 (when tenant was there) – how much of this can I write off? Just the portion I paid in June (as this was the only payment I made once rented) or eight twelfths of the full amount (as apartment was rented for eight months of the year)?

Thanks in advance for any replies.

 

[mandelbrot]

Hi,

I have a couple of questions regarding the filing of my first tax return on a rental property. Some background: I’m a PAYE employee jointly assessed with my wife – apart from our employment we have no further income other than a rental property (an apartment) first let in April 2010 after we moved out of it – this month I intend to pay the full tax on rental income for 2010 along with a preliminary for 2011.

1. I see a lot of references to Form 11 on this forum but not many references to (the shorter) Form 11E, I presume in my straightforward case a Form 11E will suffice, or is there something I'm missing here about Form 11E?
2. For 2010 the apartment management fee was around 1600 Euro – I paid half of it in January 2010 (when I was still living there) and the balance in June 2010 (when tenant was there) – how much of this can I write off? Just the portion I paid in June (as this was the only payment I made once rented) or eight twelfths of the full amount (as apartment was rented for eight months of the year)?

Thanks in advance for any replies.

To answer your first question, the following is relevant (taken from [broken link removed]form11e-notes.pdf):

"Can I use the Form 11E?
The Form 11E is not suitable for individuals with a turnover of €1,000,000 or greater. Those individuals have to either file online via the Revenue
On-Line Service (ROS) or complete a paper Form 11. In addition, those who:

• are non-resident,
• have three or more trades,
• are subject to the Limitation on the use of Reliefs by High-Income Individuals (a comprehensive Guidance Document
• on the application of the limitation is available on www.revenue.ie),
• are claiming tax relief in respect of a Property Based Incentive Scheme in 2010,
• have profits or gains attributable to rezoning decisions/relevant planning decisions,
• have information to declare in respect of Deferred Share Options,
• opened a Foreign Bank Account, were issued with a Foreign Life Policy, or acquired an interest in an Offshore Fund, in 2010,
• disposed of Foreign Life Policies or Offshore Funds,
• have windfall gains attributable to rezoning decisions/relevant planning decisions,

must file a Form 11 on-line via ROS or complete a paper Form 11."

However, a majority of people file using the online Form 11 on ROS now, it's generally faster and easier to complete, and will calculate the liability.

As regards your second question, you can claim the amount of the management fee that relates to the period the property was rented, so 8/12.

 

[Gekko]

Submit a Form 12

 

[portstorm]

Hi,

I have a couple of questions regarding the filing of my first tax return on a rental property. Some background: I’m a PAYE employee jointly assessed with my wife – apart from our employment we have no further income other than a rental property (an apartment) first let in April 2010 after we moved out of it – this month I intend to pay the full tax on rental income for 2010 along with a preliminary for 2011.

Am in the same situation as you. I intend to file a form 12.

Anyone know if:

1. This can be done through ROS as I've checked my account and can't see any way of doing it online?

2. Do I just need to fill in Section 1 'Personal Details' and Section 14 'Rental income from tax and property in the state'
All the other stuff like Irish Deposit Interest, Health Credits, Rent tax credit etc. that apply to me but have already been sorted for 2010 through ROS already - do I need to give the details again on the Form 12?? Surely Revenue have this info already

Many thanks

 

[portstorm]

Am in the same situation as you. I intend to file a form 12.

2. Do I just need to fill in Section 1 'Personal Details' and Section 14 'Rental income from tax and property in the state'
All the other stuff like Irish Deposit Interest, Health Credits, Rent tax credit etc. that apply to me but have already been sorted for 2010 through ROS already - do I need to give the details again on the Form 12?? Surely Revenue have this info already

Many thanks

anyone any idea on this....tried revenue line a few times and always engaged

 

[Gervan]

As far as I know you cannot submit Form 12 online.
When you complete the Form 12 you do have to put in details of all your income, and claim all tax credits to which you are entitled. It is a return of all income, not just some income.