tax owed on foreign investment

[rachel12]

Hi,
I feel quite embarrassed and stupid asking this this but I think I may be in a situation regarding a foreign investment and is looking for advice on how to best approach this?
We have an apartment rented in masssachusetts as we used to live there but are now living here in Ireland since 2007. We have not declared this to irish revenue. However this apartment is rented but up until this year was at a loss and we were supplementing the difference. We were stupidly under the assumption that because we paid the property tax over there we were ok but now I realize this is not the case. At this stage I am worried sick I will have to pay all kinds of penalties hence am scared to do anything about this hence keep putting it off. Any advice would be helpful. We haven't filed US taxes since 2007 but have paid all property taxes there. What is the best approach at this stage?

 

[Joe_90]

You have not filed a US return or an Irish return since 2007.

Are you Irish or American?

You need to summarise up the income and expenses for each year and make a return.

 

[dublin66]

If you are non-Irish domiciled then you may not have to file an Irish tax return in respect of this income where you have not brought it into the country (this is called remitted). Google "remittance basis of taxation" and you can read all you want on that. I'm not familiar with US tax so nothing to add here.