# Form 12 tax return-reluctant landlord first completion



## Dddoyle (23 Oct 2012)

I'm a reluctant landlord filling out a form 12 for the first time relating to 2011 income, can't sell the house involved so am renting it out instead.I've taken away expenses from the rent received such as the interest paid (75%), home insurance and wear & tear (12.5%) which leaves a balance of €6k approx. I just have a few questions I'm looking for help with before I send this off to the Revenue, I'm hoping someone out there can help.
1) Can you include life assurance policy payments as a deductable expense? I read on a thread somewhere that you can but was under the impression from the Revenue website that you cannot.
2) My salary is of a sum where I am on the top rate of tax. Do I owe the Revenue €6k x 20% marginal rate or €6k x 41% on the rental income being received?
3) Do the Revenue accept monthly payments or would I need to pay them the full amount by the 31/10/12? I have not been putting money aside (as the rent does not even cover the mortgage) so might need to send in a cover letter as well if the full payment needs to be made now.
4) My partner and I were renting a house in 2011 for ourselves, tenancy started pre the 7/12/10 so I presume we are both entitled to claim the rent relief sum of €1,600 x 20% and put this on the form at section 63? As the rent we are receiving for the house we are renting out, and rent we paid for the house we are now renting, is split 50-50 with my partner, do you think we could fill out one form for the Revenue with a cover letter or do you think they would expect us to fill out a form each and just divide everything 50-50?

Thanks a million to anybody who responds. If I'm missing something, please let me know.


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## geri (24 Oct 2012)

In relation to completing the actual return, I am in the same situation in that I jointy own an investment property with my partner. On advice of the revenue, we split the figures 50/50 and fill in two returns. You cant do a joint one uness you are taxed as a married couple. I always put a cover letter stating that the returns are split and filed seperately. This has been the case for the last 7 years with no problems.


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## elcato (24 Oct 2012)

See here. If you read the whole thread you should get all the answers.


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## jvc (8 Nov 2012)

yes you can include mortgage protection policy and your PRTB payment also approx €90..


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