property abroad not declared

C

ceccio

Guest
Hi All,

I'm Italian. Came to Ireland in 2003 and I've left the country in 2006. I've bought a 30k apartment abroad (in south america) and then returned to Ireland in 2009.

In the mean time the apartment has been rented with a profit of around 150 euro per month. It is rented to a friend of mine and therefore we do not have any contract... but he still deposit in my account in that country.

even if we are talking about little money (the price of a nice car), I still feel nervous...

should I declare it ? will I pay any fine for not declare it before ?

should I pay taxes in both countries ?

what about if I sell it ?

thanks all
 
ceccio - on this website it is not allowed to encourage someone to break the law.

You must know that you should declare your income in Ireland regardless of the source and regardless as to whether the money stays abroad. I imagine that it is the same in the S.American country.

When you say you make a profit of 150 a month have you deducted the costs that Irish revenue allow ? (See Revenue.ie -there is a section on rental income -IT70 which includes foreign income.)

So, officially, you should declare it. But whether it is really worth declaring such a tiny amount and filling in the Revenue self-assessment forms very year is for you to decide.
Many people would think it is not worth it.
Any tax you pay abroad on this property can be dedcuted from tax here. It's more complicated than that but basically you don't really pay twice.

Look - you're making so little money on the place and if it worries you sell it and have a little nest-egg (gruzzolo) abroad in a safe bank and wait till the euro-crisis ends.
Would I declare this tiny income ? Minchia !
 
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