Hi
I have owned a share in a small rural commercial investment property (CIP) for over 10 years. I am a PAYE earner and my share of the current rental income from the CIP is c. €720 pa. It was vacant for much of the period and, after interest costs, there has been an annual loss since purchase - total accrued losses now c. €10k.
I have never completed a tax return but intend to complete a F12 for 2016 given it will be a 'breakeven' year. I intend to speak to a professional but to get my thoughts in order, my questions are:
1 - am I potentially in trouble for not submitting a return to date despite the losses?
2 - can I use the losses from the undeclared years to offset any future profits - albeit low hundreds at best?
Thanks
Tom
I have owned a share in a small rural commercial investment property (CIP) for over 10 years. I am a PAYE earner and my share of the current rental income from the CIP is c. €720 pa. It was vacant for much of the period and, after interest costs, there has been an annual loss since purchase - total accrued losses now c. €10k.
I have never completed a tax return but intend to complete a F12 for 2016 given it will be a 'breakeven' year. I intend to speak to a professional but to get my thoughts in order, my questions are:
1 - am I potentially in trouble for not submitting a return to date despite the losses?
2 - can I use the losses from the undeclared years to offset any future profits - albeit low hundreds at best?
Thanks
Tom