Rental Income

[donsey76]

I recieved a letter in the post yesterday from Revenue. They want to know when my property was let and how much rental income I recieved. Is does not clarify for how long for I should assess. I started renting the property in Jan-2006. Is this a 12 month assessment? Should I do a assessment right up to August 2007. What would my expenses be, can I enter home improvements on the assessment. Your help would be appreciated.

 

[asdfg]

Your assessment would be on a calandar basis so up to 31/12/06. Payment of taxes due for 2006 not due till 30/10/07 as far as i'm aware.

You can elect to go the self assessment route if you wish.

See [broken link removed] for what you can deduct and details of self assessment

 

[donsey76]

Thanks for reply, Can I claim that interest on my mortgage as an expense. I've read the article from revenue but I'm unsure.

 

[ubiquitous]

Can I claim that interest on my mortgage as an expense.

Normally, yes

I've read the article from revenue but I'm unsure.

If you're not sure as to how this works, then you should probably seek professional advice on completion of the return, calculation of the liability and all other formalities.

 

[Howitzer]

Thanks for reply, Can I claim that interest on my mortgage as an expense. I've read the article from revenue but I'm unsure.

Did you not look at the taxation position before you started renting?

 

[Jockey]

You can only claim mortgage interest if you are registered with the PRTB for 2006 Income Tax Returns herein. Ive heard that the Revenue are going to make a big crackdown on this. €70 to register with the PRTB isn't much if you are claiming a few thousand in mortgage interest. €140 if you want to backdate it to last year and if the same tenants are still in place. See www.prtb.ie

Regards,

Jockey