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Tax on rental property

armbruster · 2020-06-22 20:24:36

I have been renting a relative's flat for the past few years (they live overseas). Been paying into a savings account the amount they wanted every month. How can I now give them the money without tax implications? Are there tax implications if it's <€10k a year? And if there are tax implications, what is the procedure for…

22-06-2020 8:24pm

#1

armbruster

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Join Date: March 2008

Posts: 68

I have been renting a relative's flat for the past few years (they live overseas). Been paying into a savings account the amount they wanted every month.

How can I now give them the money without tax implications? Are there tax implications if it's <€10k a year?

And if there are tax implications, what is the procedure for my relative?

Thanks.

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Comments

#2 22-06-2020 8:37pm

y0ssar1an22

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Posts: 17635

your relative will need to file a form 11 (income tax return) and pay any tax due on the rental income.

you cant really give them the money without tax implications.

Also, as the relative is non resident you should be passing 20% of the rent directly to revenue. I dont think too many people do this and revenue dont appear to enforce it.

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-45/45-01-04.pdf

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