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Tax Return - Noob Landlords

  • 05-10-2011 8:32pm
    #1
    BionicRasher
    Registered Users, Registered Users 2 Posts: 2,832 ✭✭✭


    Searched all the threads but I dont see any answer to my probably very simple question.

    Newbie landlords (well not really but that's another story!) as we have rented out our apartment since 1st March 2011 (bought a house but couldn't sell the apartment - surprise surprise!)

    Anyway - should we be submitting a tax return for the end of October or what do we need to do? Registered with PRTB and all that and we have kept as many receipts that we could but as we lived there before all the contents are a few years old so we dont have receipts but have an idea what the items are worth

    Go easy!! Cash is tight but we put a little aside each month just in case


Comments

  • #2
    troops
    Registered Users, Registered Users 2 Posts: 119 ✭✭troops


    tui0hcg wrote: »
    Searched all the threads but I dont see any answer to my probably very simple question.

    Newbie landlords (well not really but that's another story!) as we have rented out our apartment since 1st March 2011 (bought a house but couldn't sell the apartment - surprise surprise!)

    Anyway - should we be submitting a tax return for the end of October or what do we need to do? Registered with PRTB and all that and we have kept as many receipts that we could but as we lived there before all the contents are a few years old so we dont have receipts but have an idea what the items are worth

    Go easy!! Cash is tight but we put a little aside each month just in case

    no you're ok till october 2012 for the 2011 return


  • #3
    Pkiernan
    Registered Users, Registered Users 2 Posts: 4,310 ✭✭✭Pkiernan


    Doesn't tax on rent earned have to be paid sooner than the following year??


  • #4
    paul71
    Registered Users, Registered Users 2 Posts: 3,317 ✭✭✭paul71


    Pkiernan wrote: »
    Doesn't tax on rent earned have to be paid sooner than the following year??


    Preliminary tax is due during the tax year, but the rule for payment of preliminary tax is 100% of the prior year assessment or 90% of the current year. Since this is the first year the op would be assessable for tax on rent the liability for the previous year would be €0, therefore 100% of €0 = €0.

    The second poster on the thread is correct no tax return is due for 2011 until 31st October 2012, so the op does not need to do anything yet. It would be wise however to start setting aside a proportion of the rent now in order to meet the tax liability when it arises in november/december 2012.


    This thread probably belongs in the tax/accountantcy forum, you would get a better response there.


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