Tax implications of owning property abroad

ceccio

Hi All,

I'm Italian. Came to Ireland in 2003 and I've left the country in 2006. I've bought a 30k apartment abroad (in south america) and then returned to Ireland in 2009.

In the mean time the apartment has been rented with a profit of around 150 euro per month. It is rented to a friend of mine and therefore we do not have any contract... but he still deposit in my account in that country.

even if we are talking about little money (the price of a nice car), I still feel nervous...

should I declare it ? will I pay any fine for not declare it before ?

should I pay taxes in both countries ?

what about if I sell it ?

thanks all

n900guy

ceccio wrote: »

Hi All,

I'm Italian. Came to Ireland in 2003 and I've left the country in 2006. I've bought a 30k apartment abroad (in south america) and then returned to Ireland in 2009.

In the mean time the apartment has been rented with a profit of around 150 euro per month. It is rented to a friend of mine and therefore we do not have any contract... but he still deposit in my account in that country.

even if we are talking about little money (the price of a nice car), I still feel nervous...

should I declare it ? will I pay any fine for not declare it before ?

should I pay taxes in both countries ?

what about if I sell it ?

thanks all

Mod Snip- INCORRECT Advice. Sigh. This is why there is a property thread ban.

Mr. Incognito

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