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Partnership tax laws

  • 20-10-2010 11:50am
    #1
    Registered Users, Registered Users 2 Posts: 6,016 ✭✭✭


    In Ireland can losses be retained within the partnership year to year, ie not distributed to the individual partners on their returns?

    Also if a partnership owns a commercial property/ and rents it as its main trade, can losses from interest be carried forward if there is no rental income in that tax year?
    Thanks for any and all help:)


Comments

  • Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    There is a restriction on claiming losses from a partnership where the partner is deemed to be non active. There is no obligation to claim a trading loss it can be carried forward.

    Rental Income is Case V its not a trade. Case V losses can't be offset against other income so have to be carried forward.


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