first time filling out form 12

R

redcard

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Hi

Rented out property nov 06, registered with prtb now trying to fill out form 12.
The property is in my name + partners name do i put both details on form or use 2 forms?
If i use 2 forms do i half the monthly rent 50/50 on each form?
Do i just fill in personal details and rental income section?
If i submit and there are errors do revenue get bk to me?
All help appreciated v nervous about it as its first time.

Thanks
 
redcard said:
Hi

Rented out property nov 06, registered with prtb now trying to fill out form 12.
The property is in my name + partners name do i put both details on form or use 2 forms?
If i use 2 forms do i half the monthly rent 50/50 on each form?
Do i just fill in personal details and rental income section?
If i submit and there are errors do revenue get bk to me?
All help appreciated v nervous about it as its first time.

Thanks
Click to expand...
(1) It may be easiest to run the whole rental income through one of your income tax returns - but otherwise yes, you should probably just put half of everything through each.

(2) A word of warning: I was in contact with Revenue last week, and was told that for rental income in excess of a trivial amount (€3000 per annum) a Form 11E should be used. I haven't been able to find formal guidance on this anywhere on their website, but that's what I was told...
 
Dreamerb said:
(2) A word of warning: I was in contact with Revenue last week, and was told that for rental income in excess of a trivial amount (€3000 per annum) a Form 11E should be used. I haven't been able to find formal guidance on this anywhere on their website, but that's what I was told...
Click to expand...

This is not correct. Either mis-comunication or the person in revenue is a little confused.

It's rental profit greater than €3175, not rental income above €3,000.

Do rental properties with a rental income less than €3,000 exist anymore?
 
DonKing said:
This is not correct. Either mis-comunication or the person in revenue is a little confused.

It's rental profit greater than €3175, not rental income above €3,000.

Do rental properties with a rental income less than €3,000 exist anymore?
Click to expand...
I'm absolutely certain that communication was accurate, because I was so surprised I queried it - specifically as in "You mean total rental income? As in the gross income?", and it was confirmed. But I was just dropping in to post on this again anyway, and am delighted for your clarification. In the meantime, I had spoken to a long-since-left tax inspector who'd proffered the suggestion that I should send a form 12 since it was better suited, and that nothing worse than a request for a form 11E might later issue.

The only thing for which I can imagine the rental income coming in at less than €3k is a car-parking space in a dodgy part of town - and even then, I'm not so sure...
 
another question on form 12

I need some help on the following

Im completing form 12 for rental income do i also need to fill in employments section as ive all ready been taxed through my wages??

On first page theres a box for return add is that mine or the revenues?

Do i send completed form to box 354 limerick?

thanks again.
 
Dreamerb said:
I'm absolutely certain that communication was accurate, because I was so surprised I queried it - specifically as in "You mean total rental income? As in the gross income?", and it was confirmed. But I was just dropping in to post on this again anyway, and am delighted for your clarification. In the meantime, I had spoken to a long-since-left tax inspector who'd proffered the suggestion that I should send a form 12 since it was better suited, and that nothing worse than a request for a form 11E might later issue.

The only thing for which I can imagine the rental income coming in at less than €3k is a car-parking space in a dodgy part of town - and even then, I'm not so sure...
Click to expand...

It that case the person you were speaking to in revenue has made a mistake. This is not uncommon with staff in revenue.
 
Duplicate threads merged - don't duplicate posts/threads on the same issue. Read the posting guidelines.
 
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