Rental property and taxes

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Frank

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I moved out of my first home about 9 months ago.

Due to the slow down it was no time to sell.

I rented the house.

At the moment the rent is about 100 quid above the interest only mortgage, therefore the house is just about covering itself and at the moment probaly losing money.

Although I would hope a good invetment down the line.

What do I need to do about a tax return?

As far as I am aware the first is clear after that there is tax on the rental, I assume even if the place is breaking even some sort of return must be made.

Any advice much appreciated.
 
You will need to make returns for each year from when you rented the property out - so your first return will be for 2007 and is due in October 2008 along with any tax due. From the info given above it is not likely you will have any tax liability after taking into account capital allowances & other expenses.
I assume you are registered with the PRTB, as you would not be able to claim your mortgage interest as an expense otherwise.
 
Thanks for the response.

Yes registered with them last year.

Is there a standard form I can download to sort this out or will revenue send something in the post.

Frank
 
Frank said:
Thanks for the response.

Yes registered with them last year.

Is there a standard form I can download to sort this out or will revenue send something in the post.

Frank
Click to expand...

log on to www.revenue.ie and you can sign up and do all your online tax returns and payments on line.
 
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