Tax when renting out a property

jack_pearse

My girlfriend and I want to rent our apartment out but wan to avoid the taxman. We have someone lined up who is returning as a mature student to college and is getting educational assistance for accomodation. If we were not paying tax renting out the property would this cause problems?
Thanks
Jack

Nermal

jack_pearse wrote: »

My girlfriend and I want to rent our apartment out but wan to avoid the taxman. We have someone lined up who is returning as a mature student to college and is getting educational assistance for accomodation. If we were not paying tax renting out the property would this cause problems?
Thanks
Jack

Pay your taxes, deadbeat.

kaiser sauze

Nermal wrote: »

Pay your taxes, deadbeat.

Nice!


Jack, are you and your girlfriend going to remain living in the apartment? Is the ownership in both your names?

Have either of you got any other properties?

Mrs. MacGyver

I take it that you are not talking about the rent a room scheme?

SerialComplaint

jack_pearse wrote: »

My girlfriend and I want to rent our apartment out but wan to avoid the taxman. We have someone lined up who is returning as a mature student to college and is getting educational assistance for accomodation. If we were not paying tax renting out the property would this cause problems?
Thanks
Jack

How wide will your be when your tenant gives your details to Revenue as he claims his rent relief?

The_Conductor

Legally you are obliged to register the tenancy with the PRTB (www.prtb.ie) and furnish an annual tax return. Lots of expenses, including the interest component of your mortgage repayments, are deductable from the rental income, before determination of your taxable income from the letting. In many cases- its entirely possible that there may be no net taxable income as a result of the tenancy- particularly after the rises in interest rates.

The laws of the land are there for a purpose- heed them.

SarahMc

When you mean education assistance, I presume you mean rent allowance, those details are shared with Revenue. It is practically impossible to be a non tax compliant landlord these days. As smccarick says, your tax liability will be very low anyway. Much lower than when you will be inevitably caught for tax evasion.

AckwelFoley

If you are living in the appartment aswell you are allowed up to 10K tax free, in order to pay for ppl to siton their arse at home all day trolling threads calling ppl deadbeats.

If on the other hand its a second property outside your principle residance, i believe norman taxation on income applies. There are many many apartments not reg'd in this country and the law is not particularly well enforced

I cant really advise you any further on open forums about this because it will get boards.ie into a bit of trouble im sure.

gamer

students,most get rent allowance from health board,hb is supposed to send note
to tax office with landlords name,adress under new rules.RENT a room scheme you can get 7400rent,tax free if you are living in apartment renting 1 room out.she has to get you to sign a form to claim rent allowance,most students cuold never afford to rent out a whole apartment,unless her ma/da paying the rent or sumthing,or she,s rich.