Tax on property

Wexford96

Hi.
A property in Ireland brought rental income of 11k for year 2018.
Mortgage payments on this property for 2018 were 24k.
Do I need to see an accountant and make a tax return even though there was no profit?
Thanks.

aido79

Wexford96 wrote: »

Hi.
A property in Ireland brought rental income of 11k for year 2018.
Mortgage payments on this property for 2018 were 24k.
Do I need to see an accountant and make a tax return even though there was no profit?
Thanks.

Yes. The 11k is seen as an income. The interest on the mortgage payment will be tax deductible but the payments made on the principal won't be.
Tax has nothing to do with profit for any business and being a landlord is no different.

Pawwed Rig

I cannot tell by your figures whether you have taxable income or not as mortgage capital payments are not a deductible expense.
Yes the income does need to be returned. I suspect you have other issues here too but there is scant information in your post.

Wexford96

Thank you both for your answers. I'll get into the accountant at end of year.

4ensic15

Wexford96 wrote: »

Hi.
A property in Ireland brought rental income of 11k for year 2018.
Mortgage payments on this property for 2018 were 24k.
Do I need to see an accountant and make a tax return even though there was no profit?
Thanks.

Is this a joke?

Geuze

Wexford96 wrote: »

Hi.
A property in Ireland brought rental income of 11k for year 2018.
Mortgage payments on this property for 2018 were 24k.
Do I need to see an accountant and make a tax return even though there was no profit?
Thanks.

First of all, you must calculate the net rental profits.

Gross rent

less mortgage interest [check how much of the interest you are allowed deduct]

less other allowable expenses

= net rental profit

No need to pay an accountant.

Pawwed Rig

Geuze wrote: »

First of all, you must calculate the net rental profits.

Correction first of all you must register for tax

May also tax credits available. May be withholding tax issues. Tax advisor might be a good investment.

filbert the fox

Wexford96 wrote: »

Hi.
A property in Ireland brought rental income of 11k for year 2018.
Mortgage payments on this property for 2018 were 24k.
Do I need to see an accountant and make a tax return even though there was no profit?
Thanks.

You've 10 months to make your mind up

4ensic15

filbert the fox wrote: »

You've 10 months to make your mind up

This is the third thread the o/p has opened in the past 4 years asking the same question. I think he will only make up his mind when he gets the answer he wants