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Tax on rent

  • 06-09-2018 6:47am
    #1
    mcko
    Registered Users, Registered Users 2 Posts: 755 ✭✭✭


    My mother left her house to my 2 children and I, one third each, for the last few years I have been paying the tax on the rent, I have a question, as they are joint owners should they be liable for a third each, and with their tax free allowances they would shouldn't have anything to pay as the rent is ¢10200 per yea


Comments

  • #2
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    mcko wrote: »
    My mother left her house to my 2 children and I, one third each, for the last few years I have been paying the tax on the rent, I have a question, as they are joint owners should they be liable for a third each, and with their tax free allowances they would shouldn't have anything to pay as the rent is ¢10200 per yea

    I came across this years ago , As far as I remember if the children are under 18 they count as minors so no tax allowance unless they're working.

    http://www.irishstatutebook.ie/eli/1997/act/39/section/795/enacted/en/html

    Open to correction .....


  • #3
    Rulmeq
    Registered Users, Registered Users 2 Posts: 1,122 ✭✭✭Rulmeq


    DoMyBooks wrote: »
    I came across this years ago , As far as I remember if the children are under 18 they count as minors so no tax allowance unless they're working.


    Even if they did, he would have to file Form-12s for them, and they might even be paying PRSI/USC on their portion (probably not but it's definitly something the OP needs to discuss with an accountant)


  • #4
    Calahonda52
    Registered Users, Registered Users 2 Posts: 13,143 ✭✭✭✭Calahonda52


    mcko wrote: »
    My mother left her house to my 2 children and I, one third each, for the last few years I have been paying the tax on the rent, I have a question, as they are joint owners should they be liable for a third each, and with their tax free allowances they would shouldn't have anything to pay as the rent is ¢10200 per yea

    Not all the allowances are available for Rental Income.
    What age are the children?
    Are you all registered as landlords with the rental board?

    “I can’t pay my staff or mortgage with instagram likes”.



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