paying tax on rental income

[tweenas]

Hi looking for some help.
I purchased a section 23 apartment a year ago with my brother as an investment which I subsequently rented out for the last 12 months.

The mortgage payments are slightly dearer than the rental income and I have done nothing about declaring it as taxable income.

Can anyone point me in the right direction as what i need to do.
Thanks

 

[ClubMan]

The mortgage payments are slightly dearer than the rental income

This is irrelevant from a taxation point of view. What matters is rental income less allowable expenses including mortgage interest. That sum is then assessable for income tax. Many people mistakenly seem to assume that if the rental income is less then the annuity (capital plus interest) mortgage repayments then they have no tax liability. This is NOT the case just in case you are one of these people.

and I have done nothing about declaring it as taxable income.

You may need to file a return before the end of this month. You may need professional advice.

Can anyone point me in the right direction as what i need to do.

Read the Property Investment FAQ, key posts and the many posts in this forum. Get an accountant and clarify your liabilities and when you should have filed returns.

 

[DrMoriarty]

The Revenue website also has these [broken link removed] and a more detailed [broken link removed] (in .pdf format)