Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Partnerships+taxes

  • 20-10-2010 2:15pm
    #1
    lomb
    Registered Users, Registered Users 2 Posts: 6,017 ✭✭✭


    Just posted this on the accountancy forum,wasn't sure if it would get more views here.

    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?
    If the losses have to be entered on tax returns i assume then that profits in future years from only this partnership must be put against only losses from this partnership.
    Thanks for any and all help


Comments

  • #2
    AndyJB
    Closed Accounts Posts: 177 ✭✭AndyJB


    lomb wrote: »
    Just posted this on the accountancy forum,wasn't sure if it would get more views here.

    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?
    If the losses have to be entered on tax returns i assume then that profits in future years from only this partnership must be put against only losses from this partnership.
    Thanks for any and all help

    Hi,
    You need to speak to an accountant on this one asap as paper returns must be in by 31st of this month. Online you get 2 extra weeks.

    I was in a similar situ and we just split everything down the middle income/expenses and then did our own returns as individuals. Don't know about carrying losses forward, so as I said initially you need to talk to a professional asap.

    Best of luck.


Advertisement