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Declare rental income?

  • 15-02-2010 1:44pm
    #1
    dogbert27
    Registered Users, Registered Users 2 Posts: 5,029 ✭✭✭


    Would there be a need to declare rental income if it is below the €10,000 tax exemption threshold?


Comments

  • #2
    [Deleted User]
    Posts: 23,339 ✭✭✭✭ [Deleted User]


    dogbert27 wrote: »
    Would there be a need to declare rental income if it is below the €10,000 tax exemption threshold?

    Yes, is it renting a room or renting an entire property ?


  • #3
    dogbert27
    Registered Users, Registered Users 2 Posts: 5,029 ✭✭✭dogbert27


    The plan was just a room.


  • #4
    [Deleted User]
    Posts: 23,339 ✭✭✭✭ [Deleted User]


    Still have to declare it so the person renting it can claim their tax relief I think.


  • #5
    pigeonbutler
    Registered Users, Registered Users 2 Posts: 666 ✭✭✭pigeonbutler


    If it's a room in the house in which you live and total rent is less than 10k it needs to be declared on tax return but is exempt from income tax. Assuming other conditions of the relief are met.


  • #6
    buck65
    Closed Accounts Posts: 4,969 ✭✭✭buck65


    I have started renting out a house that I own for 625 p.m , what are the TAX implications for me and what do I do next?
    It is a mortgaged property.


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  • #7
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    do you live in the house or is it entirely a rental property


  • #8
    buck65
    Closed Accounts Posts: 4,969 ✭✭✭buck65


    Entirely rental


  • #9
    maddogcollins
    Registered Users, Registered Users 2 Posts: 998 ✭✭✭maddogcollins


    buck65 wrote: »
    I have started renting out a house that I own for 625 p.m , what are the TAX implications for me and what do I do next?
    It is a mortgaged property.


    This is the revenue guide on Rental Income: http://www.revenue.ie/en/tax/it/leaflets/it70.html

    You will be liable to Income tax on the profits. Some expenses will be allowable as may interest on the mortgage.

    best advice is to see an accountant tho. Should not cost too much to prepare Rental I&E for you.

    Also, recommend you keep a good record of the income when it comes in and receipts for any expenses you incurr (as long as wholly and exclusively for the rental property).A seperate Bank account or at least an excel sheet reconciled to all income.


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