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Tax on rental income if living abroad

  • 22-05-2013 1:15pm
    #1
    handlemaster
    Registered Users, Registered Users 2 Posts: 6,003 ✭✭✭


    This year I rented out my home and moved abroad. What taxes etc do I need to pay ? Currently not earning anything.


Comments

  • #2
    viztopia
    Closed Accounts Posts: 770 ✭✭✭viztopia


    handlemaster wrote: »
    This year I rented out my home and moved abroad. What taxes etc do I need to pay ? Currently not earning anything.
    You would have to prepare a tax return and see what your profit was on the rental. When exactly did you move abroad?


  • #3
    Michael D Not Higgins
    Registered Users, Registered Users 2 Posts: 7,223 ✭✭✭Michael D Not Higgins


    http://www.citizensinformation.ie/en/housing/renting_a_home/tax_relief_for_tenants.html

    It's the renter's obligation.


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


    Hi

    There was a thread on this subject not so long ago here

    http://www.boards.ie/vbulletin/showthread.php?p=83974947

    You will also note that it was closed.......

    The foreign resident landlord is obliged to file a return because Irish Property is always subject to Irish tax. So you will have to pay income tax on the rental income.

    However the renter may also in certain circumstances be obliged to deduct tax at source from the rent paid to the non resident landlord. If such tax is paid over you will receive a credit for this tax against your income.

    The revenue in practice would only persue the renter for withholding tax in exceptional circumstances. In most cases they would be on a "hiding to nothing" if they did so.

    Regards

    dbran


  • #5
    CapedCrusader
    Registered Users, Registered Users 2 Posts: 215 ✭✭CapedCrusader


    The renter must deduct tax at source at 20% if the rent is being paid into a foreign bank account. If it's being paid into an Irish bank account you must make a tax return.

    You can claim 75% of mortgage interest and any expenses related to the maintenance of the property.

    12.5% of any initial expenses for fitting out of the property can be claimed each year for 8 years.

    Given that you have no income, you might find that you owe very little tax and that your tax credits cover most of it. Although you will have to convince revenue that you have no income abroad to qualify for any tax credits or higher rate cutoff.

    This is a great resource:
    http://www.paylesstax.ie/features/tax-advice-rental-income.html


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