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Registering (assume you man with the PRTB) does not commit you long term
but in order to claim interest relief, you must be registered. If you are hoping to slip under the radar & not pay tax on the income, you are running a very high and real risk of being caught and having large penalties.
Can you drop the price of the apartment to try and get a faster sale?
I'm not aware of any leeway (not an expert), but ultimately Mr Taxman will say that you have earned an income from the property and you will have to pay tax on that income.
Moggy, if you are trying to evade CGT or income tax on rental income, you will not get any assistance in this regard on AAM.
You will eventually sell the apartment maybe not today or even within the next year.we will have to pay CGT when we do eventually sell, so basically it will not be worth selling anymore and we'll be in it for the long haul.
Afaik you have to register. Failure to register can leave you open to a criminal prosecution and you can't deduct interest relief from your rental income. Registeration costs €70 per tenancy.I'm just asking do I need to register or is there an exemption for non investors who cannot sell their home and are forced to rent.
The catch that forces people to register to claim interest relief doesn't affect us because it was my wifes home and she had already registered for relief.
Why would legislation be written to cover your particular circumstances and how is it Brian Cowens fault? If you didn't get a viewing in eight months then it looks like you may well end up renting long term, and you don't have any option on registering with the prtb and making income tax returns anyway.But from what I can see we are being forced into it, what a fooked up system Cowen has created here! Someone please tell me he is not a complete muppet and has covered this situation?
The calculation of CGT, as outlined above by asdfg, is what covers this situation.Someone please tell me he is not a complete muppet and has covered this situation?
But from what I can see we are being forced into it, what a fooked up system Cowen has created here! Someone please tell me he is not a complete muppet and has covered this situation?
I'm just asking do I need to register or is there an exemption for non investors who cannot sell their home and are forced to rent.
Ina a nutshell you can sell it if you lower your price appropriately.
OK so you think I am obliged to register, thanks for your input.ajapale said:I might be wrong but my understanding is that if you are renting property then you are obliged to register.
This is similar to what I had in mind. Needless to say I am pretty clueless in these things, hence me posting my question. But based on your calculation we do have some leeway. Thanks for the info.asdfg said:You will eventually sell the apartment maybe not today or even within the next year.
CGT is calc as Gain in value of the property less expenses * Period
property let in months less 12 months /total period of ownership in months
So only a small part may be liable to CGT
From PRTB.ie said:5. What is the PRTB doing about unregistered landlords?
The steps being taken by the PRTB to pursue compliance with the registration requirement are in accordance with the provisions of the Residential Tenancies Act 2004 and, in particular, sections 144 and 145. They include the issue of notices to landlords and/or occupiers of the dwellings in question, and the prosecution of offenders for non-compliance with the registration requirement. Details of these notices are set out below.
Landlord 1st Notice - section 144(2)
Where the landlord’s address is available to the PRTB, a notice is served on the landlord stating that in the PRTB’s opinion there is a tenancy in the dwelling in question that requires to be registered and that an application for registration must be made. The notice requests the landlord to furnish within 14 days the reasons why the landlord may consider that they do not have to register.
Landlord 2nd Notice - section 144(3)
Where the landlord fails to respond to the 1st notice, within the 14 day period or a response was received within the 14 day period which did not result in the PRTB changing their opinion on the registration requirement applying, a notice is served on the landlord stating that the landlord is required to register within 14 days and failure to register within this timeframe will result in the landlord being guilty of an offence under the Residential Tenancies Act 2004.
Occupier’s Notice - section 145(4)
Where the landlord’s name or address is not supplied, a notice is served on the occupiers requiring them to supply within 14 days any information in their possession that could lead to the PRTB ascertaining the identity of the landlord or of his/her address. That notice also states that failure to respond within the 14 days will result in the occupier being guilty of an offence under the Residential Tenancies Act.
Details of these notices are set out below.
a notice is served on the landlord stating that the landlord is required to register within 14 days
ajapale read your own post
Here you are from the PRTB website. So in conclusion there is quite a fair amount of leeway for people in my situation, both with this and also with the CGT calculations pointed out by asdfg. And I might add this is all legit, so think twice before you accuse someone of tax evading.
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