in the process of completing my tax return for a property I have rented out
- Thread starter banshee
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Re: tax return
Deposit interest is taxed via DIRT at source and there should be no further tax liability. CU deposit interest/dividends may be [broken link removed]. Capital assets such as shares sold for a loss or gain are relevant to CGT not income tax.
You probably should get professional advice given the questions that you are asking.
If the form asks for them then they are. What form are you using?
What do you mean? Why would deposit interest and CU dividend income be tax deductible!?
Deposit interest is taxed via DIRT at source and there should be no further tax liability. CU deposit interest/dividends may be [broken link removed]. Capital assets such as shares sold for a loss or gain are relevant to CGT not income tax.You probably should get professional advice given the questions that you are asking.
Re: tax return
Unless the individual's income is liable to tax at the higher rate, in which case the DIRT is a part payment of the amount of tax due on the interest income as opposed to the full tax liability.
Similarly, if the persons income has no income assessable at the marginal rate (20%) then they may be due a tax refund for DIRT paid.
Unless the individual's income is liable to tax at the higher rate, in which case the DIRT is a part payment of the amount of tax due on the interest income as opposed to the full tax liability.
Similarly, if the persons income has no income assessable at the marginal rate (20%) then they may be due a tax refund for DIRT paid.
ubiquitous
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Re: tax return
Clubman's previous comment on this issue was correct.
This is incorrect unless the taxpayer is among the minority of taxpayers who are eligible for DIRT refunds, ie over 65s etc
This is incorrect.
Clubman's previous comment on this issue was correct.
This is incorrect unless the taxpayer is among the minority of taxpayers who are eligible for DIRT refunds, ie over 65s etc
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Re: tax return
Afaia you have to include Interest Received (Gross interest - before deduction of DIRT). Revenue include this as part of your income and you are taxed accordingly. However they also increase your tax credits. Net result is the same as DIRT being deducted at 20%
Open to correction on this
Afaia you have to include Interest Received (Gross interest - before deduction of DIRT). Revenue include this as part of your income and you are taxed accordingly. However they also increase your tax credits. Net result is the same as DIRT being deducted at 20%
Open to correction on this
Re: tax return
I seem to recall that if deposit interest was over a certain amount then there may be a PRSI liability on this income. Should be covered in other threads but probably only an issue if you are raking in thousands in deposit interest annually?
I seem to recall that if deposit interest was over a certain amount then there may be a PRSI liability on this income. Should be covered in other threads but probably only an issue if you are raking in thousands in deposit interest annually?
Re: tax return
Correct. However will also be a PRSI liability if you have other non paye income such as s/e earnings, etc..
Correct. However will also be a PRSI liability if you have other non paye income such as s/e earnings, etc..
Re: tax return
if over €3,174 net income from self employed/deposit interest/rental income etc. then you fall under self assessment and are liable to prsi on this income (and health levy).