Can mortgage interest be offset against foreign rental income?

Hope that Revenue see sense and that you get this sorted.

I presume you will complete the forms properly in the future, references to attached spreadsheets is not the way to go.
 
Joe_90 said:
I presume you will complete the forms properly in the future, references to attached spreadsheets is not the way to go.
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I'm laughing at this, that's the way I used to do my returns too. I just used to include an excel with my calculations (and even attached copies of receipts) and on the form used to write 'see attached explanation'. Never got into any problems for this. Revenue cannot be bothered to look at what you submit in my opinon.

So that the accountants on here don't have a caliption I've moved on since that and have a professional do the returns for me.
 
The OP's plight here is a perfect example of the dangers of completing tax returns that dont adhere to Revenue's specifications. They almost lost a significant tax advantage because Revenue drew incorrect inferences based on the information presented to them. Had the form been completed correctly, the data would have been processed without query.
 
T McGibney said:
The OP's plight here is a perfect example of the dangers of completing tax returns that dont adhere to Revenue's specifications. They almost lost a significant tax advantage because Revenue drew incorrect inferences based on the information presented to them. Had the form been completed correctly, the data would have been processed without query.
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I completely disagree with this. Firstly the OP has not lost a tax advantage. Secondly they way the OP filled out the form meant revenue raised a query, that's all, and the fact of foreign income on the form might also have raised the query even if it were in was filled out correctly. Thirdly this mess is not because of that, it's because the revenue official in question is completely incompetant (based on the posts I've read on here from you accountant guys) and finally the revenue offical in question despite being properly challenged on his interpretation is still not acknowledging his error. A case of bully boy tactics by revenue.

And as we know revenue is reading this forum (we had the thread yesterday where a senior official from revenue posted) it's behoves someone in revenue to come on here and acknowledge that Capricorn is being treated appallingly and tell him how to get it sorted. Ordinary decent taxpayers like Capricorn shouldn't have to have this kind of needless stress.
 
Bronte said:
I completely disagree with this. Firstly the OP has not lost a tax advantage.
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Please don't misrepresent what I said. Read my post again and note my use of the word "almost"
Bronte said:
Secondly they way the OP filled out the form meant revenue raised a query, that's all, and the fact of foreign income on the form might also have raised the query even if it were in was filled out correctly. Thirdly this mess is not because of that, it's because the revenue official in question is completely incompetant (based on the posts I've read on here from you accountant guys) and finally the revenue offical in question despite being properly challenged on his interpretation is still not acknowledging his error. A case of bully boy tactics by revenue.

And as we know revenue is reading this forum (we had the thread yesterday where a senior official from revenue posted) it's behoves someone in revenue to come on here and acknowledge that Capricorn is being treated appallingly and tell him how to get it sorted. Ordinary decent taxpayers like Capricorn shouldn't have to have this kind of needless stress.
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None of this contradicts my point.
 
Bronte said:
And as we know revenue is reading this forum (we had the thread yesterday where a senior official from revenue posted) it's behoves someone in revenue to come on here and acknowledge that Capricorn is being treated appallingly and tell him how to get it sorted. Ordinary decent taxpayers like Capricorn shouldn't have to have this kind of needless stress.
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It's not the job of anyone in Revenue to post on AAM! It IS the job of everyone in Revenue to do their job properly and follow their own procedures, so that threads like this don't happen.

And while Capricorn may well be an ordinary decent taxpayer, this mess is substantially of his own making - he clearly gave erroneous information regarding the interest in his earlier returns. If he had calculated his rental income correctly himself (or if not competent to do so he had paid someone else to calculate it correctly), and filled in his tax return with only the necessary information (i.e. the income entered in the relevant panels) he wouldn't be in this position.

That's not excusing the tax official who now can't seem to figure out the correct treatment of the interest in question, but I can understand why the initial difficulty arose - when a taxpayer suddenly decides that interest previously claimed against Irish income now conveniently belongs against foreign income, it looks fishy. But they should have been able to resolve it by now, and the arguments they're making don't make sense, so that's not good.
 
I'm pleased to report that my issue with Revenue has come to a successful conclusion. I have been allowed to offset the relevant mortgage interest against my foreign property.

I reaslise that I had a part to play in setting up my accounts wrongly in the first place. The matter was further compounded by a Revenue official further along the process informing me that I could not offest the mortgage interest against the foreign property.

When I took up the matter again with Revenue, I appreciate that it was dealt with in a prompt and courteous manner.

Many thanks to all on AAM who gave me advice without which, I would not have pursued the matter. In fact, I would have accepted Revenue's original decision if were not for the piece of tax legislation posted by Mandelbrot.

Thanks again to all.
 
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Capricorn 1 said:
When I took up the matter again with Revenue, I appreciate that it was dealt with in a prompt and courteous manner.

.
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This is absolutely great news Capricorn. Your perseverance paid off. And what a relief to other landlords in your situation.

I'm curious about the sentence above, did revenue ask you to write that?
 
Bronte said:
This is absolutely great news Capricorn. Your perseverance paid off. And what a relief to other landlords in your situation.

I'm curious about the sentence above, did revenue ask you to write that?
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:confused: (if you're serious)

:D (if you're joking)
 
Not joking I'm serious. It's just it was so oddly worded that's all. I didn't find it in keeping with the way Capricorn writes. Nuts probably but that's me (and revenue have come onto AAM as you know so maybe I'm not nuts)
 
I phoned the relevant area of Revenue. The official listented to my story and told to write in, which I did. I found them decent enough to deal with and the matter was dealt with promptly. I must admit that I had expected it to be a longer drawn out process, but was pleasantly suprised.
 
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