Newbie. Register for tax on rented property

Hi,

My wife bought an old relatively cheap cottage in County Leitrim four years ago that we used for weekends and breaks during the summer.

My wife has gone back to college and we haven't spent any time there in the past six months. We recently agreed to rent it out for six months and wish to register for tax.

We don't know where to start. Friends have said that the Revenue will ask what we have been doing with it for the past four years and that it will look very suspicious.

Any advice please?

You don't need to register for tax - you just include the income in your tax return for 2008 (due Oct 09). You need to register with the PRTB in order to claim your mortgage interest as an expense.

webtax said:

You don't need to register for tax .

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On the contrary, the Revenue will normally request you to register for tax, by completing & submitting a Form TR1 in order to do so.

Are they tightening up on this? Have always found declaring rental income after the fact in the Form 11/12 to be acceptable without registering in advance.

webtax said:

Are they tightening up on this?

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In my experience, yes.