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Paying tax on rental income

  • 25-09-2009 11:11am
    #1
    abbey2000
    Registered Users, Registered Users 2 Posts: 138 ✭✭


    Hi, We are letting a house and this is our first time doing this. I know we have to pay tax on the rental income that we get, I just do not know how we go about this. The tenancy is registered with PRTB.

    I take it that we have to fill in a form and submit this to revenue or something similar? Can someone point me in the right direction?

    thanks.


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,574 ✭✭✭✭Victor


    You can do it as part of your annual tax return. You only pay tax on your profit. So deduct all your expenses from the rent and you have your profit.


  • #3
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    Victor wrote: »
    You can do it as part of your annual tax return. You only pay tax on your profit. So deduct all your expenses from the rent and you have your profit.

    and just to clarify Victors statement. Mortgage payments do not count as an expense. Only mortgage interest can be offset as an expense.


  • #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    D3PO wrote: »
    and just to clarify Victors statement. Mortgage payments do not count as an expense. Only mortgage interest can be offset as an expense.

    @ 75% rate- soon to be reduced further, with the intention of fully phasing it out by 2014.


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