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Form 12 Irish Rental Income help!!!

  • 09-10-2017 7:14pm
    #1
    RCSATELLITES
    Registered Users, Registered Users 2 Posts: 590 ✭✭✭


    Hi just looking for some help filling in Form 12 rental income section. There is probably alot of forums explaining it but I can't find an easy sample. Also revenues help guide isn't that helpful.

    So this is what I have.

    First year of rental income
    Gross rent receivable €5383.00
    Repairs €660.00
    Other €1464.00

    So I have section 23 relief of €31,027.00
    Can't see any section where to put this.

    Also have Capital Allowance (furniture and appliances etc.) Of €2615.00 12.5% = €327.00

    Where do I put section 23 relief and where do I put the capital allowance. I have attached the form 12 section 17.

    I know I could pay an accountant but I have the info just need to know where to put it. Can't be that hard to fill in 5 lines of boxes.

    Thanks in advance


Comments

  • #2
    y0ssar1an22
    Registered Users, Registered Users 2 Posts: 17,756 ✭✭✭✭y0ssar1an22


    you may need to complete form 11 as non-paye income is more than 5k. open to correction on this.


    link to form 11: https://www.revenue.ie/en/self-assessment-and-self-employment/documents/form11.pdf

    as for rental. section c. put in income and expenses under commercial/residential.

    capital allowances: s 212 b

    re s 23 relief: all i can see on the form is s 205 c: Section 23" type relief where 2016 is the first year of claim.
    i dont know enough about this to give any advice.


  • #3
    y0ssar1an22
    Registered Users, Registered Users 2 Posts: 17,756 ✭✭✭✭y0ssar1an22


    if you are going with form 12:

    ca: 3rd line from the bottom in your attachment

    unsure of s23


  • #4
    diomed
    Closed Accounts Posts: 4,744 ✭✭✭diomed


    I was an accountant in industry.
    Many years ago when serving my five year accountancy articles (training) I filled in a lot of simple tax returns.

    My advice is to fill in the form as best you can and also put the information on a sheet of paper (use Excel if you have it, and print it out).
    Attach the sheet (staple) to the return.
    It might be an idea to have a covering letter saying you are unsure about section 23 and ask for their help.

    Recently I filled in two annual tax returns for my mother.
    There was rent income, expenses, net profit.
    I gave them detailed analysis of rent received and rent expenses (repairs) attached.
    This saves them asking you questions e.g. "please send us an analysis of the expenses".

    I looked at my photocopy of the Form 11S used and can't find a spot for section 23 (possible not described as that on the form).

    You could go to the tax office just off O'Connell Street (Cathedral Street?), take a ticket, wait in the queue, see someone, and fill out the form at their desk.
    As far as I know back in the day you could bring in all the paperwork and they were obliged to help you fill in the form.

    One year I went in with the form completed but I had a few questions as I was unsure. Of course I had put some stuff in the wrong boxes.
    They punch your info into a form on screen in a few minutes.

    My guess is they will be happy as long as you give them the info, all of the info.
    Keep a photocopy of what you sent.


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