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Tax Return & Rental Income

  • 14-03-2013 11:32am
    #1
    Road-Hog
    Registered Users, Registered Users 2 Posts: 1,412 ✭✭✭


    Hi there, just looking for some advice. I've been renting out a house for the past 7 years.........was making a small profit in the first 3 years and made returns to revenue but due to down turn I've had to drop rent and for the last 4 years the rent has been lower than the interest portion of the mortgage payment. I naively thought that if there is no profit being made then I've little to worry about from a revenue perspective and therefore stupidly became lackadaisical about filing tax returns and have not done so for 3 years.

    I've subsequetly learned that I should have been filing returns irrespective of making any profits as the onus is on the individual to prove to revenue that they have no tax liability. I have fairly good records of rent received, maintenance carried out and items purchased such as new cooker, washing machine and the like and I have the house registered with the PRTB from day one.

    My question is what is the best way to sort this potentially very costly mess out with revenue. Does anyone know what type of fines/penalties I may incur etc. Is it possible to call revenue and get advice from them direclty or is it better to sit down with an accountant?


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