Can anyone please help me re: Section 17 of Form 12

2rkehij30qtza5

Hello...
I would be so grateful if someone could help me please.
I made a mess of this section (Section 17) of the form (Revenue's Form 12 for employees, pensioners and non-proprietary directors) last year and it caused me a lot of difficulty as a result.
Basically, I have a property that I rent out. I get €8,000 per year rent. I paid €15,000 back on the mortgage in 2013 (me supplementing the mortgage on top of the rent). I paid €4,000 interest on the mortgage.
On top of this I pay maintenance fees of €1,500 per year for the property. I made €350 repairs last year.
Can someone please tell me what I fill in and where. Revenue requested interest cert from the bank last year and rang me about 10 times over the form....but this year I'd rather just do the form right. I can't afford to pay an accountant.
Thanks so much.

mano79

Who can afford an accountant but most just have to - rather than expecting free advise on the net Have you no friend or family member who could help you?

2rkehij30qtza5

mano79 wrote: »

Who can afford an accountant but most just have to - rather than expecting free advise on the net Have you no friend or family member who could help you?

Boards.ie is full of threads seeking advice! I give advice to people all the time.

Apologies if my post offended you by asking for advice.

I wish I was competent in the field of revenue/tax but unfortunately I am not...nor do I have any family member who is unfortunately.

I only asked for advice on filling in 5 or 6 lines of a multi-page form...I didn't think I was asking anything different from 90% of other boards.ie threads.

mano79

Fair enough you make a good point!!

Here's my help:

If you have paid your PRTB put an x in that box (if you haven't I would sort this straight away as revenue are cracking down on people not paying the prtb - if you dont pay prtb you are not supposed to be able to use your mortgage interest as an allowable expense)

No of properties let - 1

Gross rent receivable €8,000
Add clawback of section 23 relief €0

Less: Repairs €350
Allowable interest €3,000 (this is because only 75% of interest is allowable as an expense)
Other €1,500

Net rental income (after expenses but before capital allowances) €3,150

The only other change you might have is insurance. If you paid insurance on the property during 2013 add this to the "other" figure and reduce your net rental income by the same amount

Basically the net rental income is €8,000 minus 350 minus 3,000 minus 1,500

This net rental income based on your figures would be taxable. Do you have any capital allowances from prior years or any rental losses to carry forward??

2rkehij30qtza5

mano79 wrote: »

Fair enough you make a good point!!

Here's my help:

If you have paid your PRTB put an x in that box (if you haven't I would sort this straight away as revenue are cracking down on people not paying the prtb - if you dont pay prtb you are not supposed to be able to use your mortgage interest as an allowable expense)

No of properties let - 1

Gross rent receivable €8,000
Add clawback of section 23 relief €0

Less: Repairs €350
Allowable interest €3,000 (this is because only 75% of interest is allowable as an expense)
Other €1,500

Net rental income (after expenses but before capital allowances) €3,150

The only other change you might have is insurance. If you paid insurance on the property during 2013 add this to the "other" figure and reduce your net rental income by the same amount

Basically the net rental income is €8,000 minus 350 minus 3,000 minus 1,500

This net rental income based on your figures would be taxable. Do you have any capital allowances from prior years or any rental losses to carry forward??

Hi, thanks a million for that. So helpful. I get it now. I hadn't a clue what the net rental income among other things were! Nothing to carry forward as far as I know. Thanks again, much appreciated