non-resident landlord - declaring in US enough?

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Hi - I'm a non-resident landlord and have been renting out a property in Ireland the last few years.. I *thought* I was doing everything correctly in that for the first year I did tax returns in both Ireland and the US and since then I have completed tax returns in the US only outlining the rental income that we obtain from Ireland (and obviously related expenses.) I'm getting concerned now that I've overlooked something back in Ireland -should I have been submitting tax returns there on a yearly basis in Ireland? The impression that I got from tax advisor here was that it was enough to provide that data to revenue here in the US and that there' a treaty between the US and Ireland.. So ..
- Should I have been declaring this in Ireland every year as well as in the US?
- What do I need to do to get this sorted asap ? I'm returning to live in Ireland in July..
- Any idea whether I will be liable for 20% of the tax on the rental income back in Ireland .. and will the tax I've paid here be used to reduce this ?
Help !!
 
Hi - this is a complex area, and may possibly be beyond the expertise of regular posters here on AAM (though I hope someone will prove me wrong). If you have already been paying a tax advisor in Ireland for advice, my first suggestion would be to look for their opinion in writing on this matter.
 
In the same situation as I just bought recently. The normal way is to pay tax on the rental income in Ireland. It shouldn't be much as the threshold is 7 or 8 grand. When you do your taxes in the US you declare the foreign income and claim a credit against the tax you paid in ireland. If you haven't paid in Ireland I wouldn't worry about it as its only been a few years and it's probably not a large amount. Unlikely to come back to haunt you. If you are the worrying type then call the tax office. You can ask questions anonomously now and they can be pretty helpful. For my own taxes next year what were you able to write off on your US taxes and did you have to have it rented before you claimed anything?
 
Hi
We were able to have deductions such as - interest paid on the mortgage, insurance, maintenance costs, travel (flight to Ireland), phone calls.. We had the property rented so could show the rental income for this . I think there are different forms that need to be completed if the business is loss making, so you should check with an advisor (maybe someone in HR block) I think it may mean that you're more prone to being audited but I'm not sure.

I think when we move home I'll make contact with a tax advisor to sort it all out. The first year I worked with someone in Ireland but I haven't dealt with them since and haven't done any returns in Ireland since then as I didn't think I needed to..
And yes - I am the worrying kind .. I want to make sure that everything is absolutely right.. I'm sure there's a few things I've overlooked but seeing as I'll be back in Ireland in a few months it will be easier to sort out then I think.
Thanks for the feedback.
 
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