Hoping to get some help declaring French rental income in Ireland.
We have had an apartment for some time in France but only started renting it out in the last few years. I now want to declare this to the Irish tax office. I know I should have done this earlier but the Income is low, the French taxes are high and we are on the lower rate of tax in Ireland, so very little in the pot to pay for an accountant.
I have found out lots from this site, so thanks to everyone who contributes here.
I am reasonably happy preparing the profit and loss account. But I have questions regarding the taxes due In Ireland. We have paid, French tax (20%) and also Solidarity tax 7.5%. So the total French tax is higher than the tax due in Ireland.
Can I offset the solidarity tax against Irish income tax due on the rental income?
Can I offset earlier social taxes (CSG/CRD) against Irish income tax due on the rental income?
Can I carry forward any excess French taxes paid to the following year?
In terms of declaring the income, the apartment is purchased in joint names via a marriage contract, but all the rent is declared by my partner in France.
In terms of our Irish income, can my husband declare it, or do we need to split the income between us and if so, presumably 50/50?
In terms of PRSI due, am I right that, if the net rental income is less than €5000 no PRSI is due? Is this limit per person? Per couple? Is the net income before capital allowances?
One other question, in terms of justifiable personal expenses, can we take a deduction for flights to France to meet with the letting agent ?
We have had an apartment for some time in France but only started renting it out in the last few years. I now want to declare this to the Irish tax office. I know I should have done this earlier but the Income is low, the French taxes are high and we are on the lower rate of tax in Ireland, so very little in the pot to pay for an accountant.
I have found out lots from this site, so thanks to everyone who contributes here.
I am reasonably happy preparing the profit and loss account. But I have questions regarding the taxes due In Ireland. We have paid, French tax (20%) and also Solidarity tax 7.5%. So the total French tax is higher than the tax due in Ireland.
Can I offset the solidarity tax against Irish income tax due on the rental income?
Can I offset earlier social taxes (CSG/CRD) against Irish income tax due on the rental income?
Can I carry forward any excess French taxes paid to the following year?
In terms of declaring the income, the apartment is purchased in joint names via a marriage contract, but all the rent is declared by my partner in France.
In terms of our Irish income, can my husband declare it, or do we need to split the income between us and if so, presumably 50/50?
In terms of PRSI due, am I right that, if the net rental income is less than €5000 no PRSI is due? Is this limit per person? Per couple? Is the net income before capital allowances?
One other question, in terms of justifiable personal expenses, can we take a deduction for flights to France to meet with the letting agent ?