FAQ Tax due on Rental Property

[use2b]

Quick question, just say I own an apartment (in another country which Ireland has a double taxation agreements) with another person, and we owe 2000 euros in tax for 2007, the other person has his own company and settles his tax affairs here in Ireland including tax due from his rental income on the foreign property.

He only settles his own tax trough his company, I have filled in form 12 but I still need to pay my share of the tax bill in the foreign country. I would have tought that if you earn an income in a foriegn country that you must pay your tax on that income in that counrty


Does my partner still have to settle his Tax bill in the foriegn country aswell ?

Thanks.

 

[Domo]

Is the property held through the Irish company?
What are the tax laws regarding property held in a company in that other country?
What is the other country?

He really needs a tax advisor in the relevant country to advise on this.

 

[Ham Slicer]

2 people own a foreign property. Rental profit is say 10K. That's 5K each. Both need to file returns in foreign country and pay whatever tax is due - say 1K each.

As both are resident in Ireland they will also have to file personal tax returns here and declare the 5K rental profit and get a credit for the 1K paid.

Company is irrelevant. - post crossed with Domo but it sounds to me like the company is not relevant and OP is confused

Quick question, just say I own an apartment (in another country which Ireland has a double taxation agreements) with another person, and we owe 2000 euros in tax for 2007, the other person has his own company and settles his tax affairs here in Ireland including tax due from his rental income on the foreign property.

He only settles his own tax trough his company, I have filled in form 12 but I still need to pay my share of the tax bill in the foreign country. I would have tought that if you earn an income in a foriegn country that you must pay your tax on that income in that counrty


Does my partner still have to settle his Tax bill in the foriegn country aswell ?

Thanks.

 

[use2b]

Yeas Ham Slicer, this is what I thought it would be, regardless of what is paid to the Irish Tax man we still owe the Hungarian Tax man his money, this tax bill must be paid in Hungary because this is where the income generated from (we are resident in Ireland).