Revenue Queries - Schedule of Assets

P

pdid

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Just a quick question in relation to query from Revenue regarding source of funds in some accounts listed in a Schedule of Assets.

How far back is one expected to account for? In this case, both parents are deceased, and the adult children are in a position now to attempt to account for where money in 4 accounts (dating back from 12 to 23 years ago) arose from. (Needle in a hay-stack in some sorts!)

Is it like in the case of underpaid/overpaid tax, that Revenue can go back as far as they like (yet the taxpayer could only go back 4 years), and thus the best effort to account for as far back as 23 years ago will have to be put in??
 
You are correct in the case of fraud, there is not time limit.

Was either of your parents self employed and so may have had undeclared income.
 
FWIW, I had a tax audit in 2008 and the Revenue requested papers as far back as 1991/2.
 
There is no time limit for looking back. If the amounts are substantial and this is a tax audit you would be well advised to hire an accountant.
 
If this is in relation to joint accounts and the standard questions on the Schedule of Assets, just write 'not known' beside it. That's what I do and it's never queried.
 
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