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Income tax on rental house

  • 09-10-2013 8:39pm
    #1
    splashthecash
    Registered Users, Registered Users 2 Posts: 2,322 ✭✭✭


    Quick question...

    We rented out our house last November...so after calling the revenue I believe that I can pay the applicable tax for nov/dec through PAYE (whatever that means..)

    My question is re 2013....My understanding is that the tax I will pay for rental income received from january thru to december 2013 is to be paid by oct 2014 - is that correct?

    Also, a friend of mine said that the first time you pay your rental income tax, you have to pay for 2 years (i.e. the previous year and the year ahead)...is this correct?

    Cheers all! :D


Comments

  • #2
    Bold Abdu
    Registered Users, Registered Users 2 Posts: 213 ✭✭Bold Abdu


    splashthecash wrote: »
    Quick question...

    We rented out our house last November...so after calling the revenue I believe that I can pay the applicable tax for nov/dec through PAYE (whatever that means..)

    My question is re 2013....My understanding is that the tax I will pay for rental income received from january thru to december 2013 is to be paid by oct 2014 - is that correct?

    Also, a friend of mine said that the first time you pay your rental income tax, you have to pay for 2 years (i.e. the previous year and the year ahead)...is this correct?

    Cheers all! :D

    Fill in a Form 12 and declare the 2 months rent less relevant expenses.

    Register for income tax effective from 1 Jan 2013. 2013 Return is due before 31 October 2014. Your 2013 income tax liability should be paid before this date. You will also have to pay preliminary income tax before this date in respect of 2014 income.

    Probably best to get an accountant to look at it for at least the first year anyway.


  • #3
    splashthecash
    Registered Users, Registered Users 2 Posts: 2,322 ✭✭✭splashthecash


    Bold Abdu wrote: »
    Fill in a Form 12 and declare the 2 months rent less relevant expenses.

    Register for income tax effective from 1 Jan 2013. 2013 Return is due before 31 October 2014. Your 2013 income tax liability should be paid before this date. You will also have to pay preliminary income tax before this date in respect of 2014 income.
    Probably best to get an accountant to look at it for at least the first year anyway.

    Thanks very much - exactly the info I was looking for


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