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Rental property tax return

  • 03-11-2015 6:15pm
    #1
    pico24
    Registered Users, Registered Users 2 Posts: 21 ✭


    Hi,
    Just wondering when doing annual rental property tax return are you able to offset a lump sum of the tax owed to pension??
    I know if you do AVC's you are entitled to put a percentage of your wage tax free to pension (percentage depending on your age)
    Not sure what limits/percentage applies to lump sum but seen as rental property income is taxed as income should be OK to do??


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    Rental income in not pensionable income so you can't make a pension contribution based on rental income.

    If you have other pensionable income you can make a contribution based on that.


  • #3
    Earleybird
    Registered Users, Registered Users 2 Posts: 271 ✭✭Earleybird


    pico24 wrote: »
    Hi,
    Just wondering when doing annual rental property tax return are you able to offset a lump sum of the tax owed to pension??
    I know if you do AVC's you are entitled to put a percentage of your wage tax free to pension (percentage depending on your age)
    Not sure what limits/percentage applies to lump sum but seen as rental property income is taxed as income should be OK to do??

    Is this with regard to your 2014 return? Are you in receipt of other sources of income, such as PAYE which was already paid in 2014? In such a case your return will be computed based on all sources of income and the additional amounts payable on the rental income will be due to the revenue in the next week. In this situation making a lump sum to a pension backdated to 2014 will reduce your total amount payable for the year and therefore effectively reduce your "rental tax due"


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