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€200 2nd property tax and tax return

  • 26-10-2011 7:37pm
    #1
    Branoic
    Registered Users, Registered Users 2 Posts: 1,742 ✭✭✭


    I own an apartment which I rent out.

    Its a bit of a grey area in terms of obligations in various things as it the only property I own - i am currently living rent free in a house which someone wanted me to housesit.

    Anyway, I paid the €200 non principal private residence tax for the apartment, as I understand that even though it is technically my only property, I am not currently living there and I am gaining income through renting it.

    Out of curiosity, can you list the €200 2nd property tax as an expense?

    Just doing my 2010 return online for the rental (it'll come out at a big fat €0 being owed since the rent is less than half the monthly mortgage payment and well below the interest paid and other expenses).


Comments

  • #2
    kennyb3
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭kennyb3


    Not tax deductible im afraid.

    You do know you can only deduct 75% of the interest btw?


  • #3
    Branoic
    Registered Users, Registered Users 2 Posts: 1,742 ✭✭✭Branoic


    kennyb3 wrote: »
    Not tax deductible im afraid.

    You do know you can only deduct 75% of the interest btw?

    Thanks for that. Yep, I know it's 75%. Even at that I'm losing so much money on the damn place that there won't be any tax owing.


  • #4
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Are you sure you have are only claiming the interest and not the capital element of the loan? Also was the property remortgaged. Just saying this as you must be the only person in the country at the moment who is not paying tax on their rental property even though they are making a loss in real terms.

    dbran


  • #5
    kennyb3
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭kennyb3


    dbran wrote: »
    Are you sure you have are only claiming the interest and not the capital element of the loan? Also was the property remortgaged. Just saying this as you must be the only person in the country at the moment who is not paying tax on their rental property even though they are making a loss in real terms.

    dbran
    Have to agree with this. Unless the place is unlet for most of the year its unusual to see losses. Interest rates are very low at present and then your only allowed 75% of that interest.


  • #6
    Joe Public
    Registered Users, Registered Users 2 Posts: 1,788 ✭✭✭Joe Public


    Slightly on the same topic.

    Is there a bounty to be collected from revenue by reporting rented properties?

    I am coming from the residents associaton viewpoint where we have to collect funds to keep the grass cut and the estate looking well. Many houses are rented out and the owners who are living in other places don't generally respond to requests for estate maintenance. When doing a search on the PRTB website most of the rented properties are not listed.


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