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Farm income tax.

  • 17-03-2017 2:39pm
    #1
    Registered Users, Registered Users 2 Posts: 1,349 ✭✭✭


    I rented some land to a farmer for 2 years ( only 12 acres) so I have to declare I believe it as farm income next year. ( I am paye ) I intend to use it as my hobby after that.

    I assume this will be taxed at my high rate but can I offset anything

    A man is rich in proportion to the number of things which he can afford to let alone.



Comments

  • Registered Users, Registered Users 2 Posts: 3,615 ✭✭✭kk.man


    80sDiesel wrote: »
    I rented some land to a farmer for 2 years ( only 12 acres) so I have to declare I believe it as farm income next year. ( I am paye ) I intend to use it as my hobby after that.

    I assume this will be taxed at my high rate but can I offset anything
    YES you must declare it...bet the farmer who rents it is declaring it. Either way you must...you might not be taxed at the high rate but a professional will tell u that...if you had any expenses from the land they can be off set ie auctioneers fees ...fencing..land drainage..etc.

    One thing is certain in life....


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