Rental income - Help

GusGus

Hi I’m so sorry but I’m a little confused.

I have to declare rental income for Q4 in 2023.

so Iv done the form 11 and put in my expenses .

1- I presume I have to divide everything by 4, example property fees of say €2000 I can claim €500 ?

2- I’m a little confused about my calculations at the end - it’s say I owe 63% of the income. ( I already had completed and updated my PaYe for 2023).

3- I had budgeted for about 52% .

basically I don’t even cover the mortgage on the property now .

Am I doing this right or wrong - it basically makes no sense for me to rent it anymore but I can’t use the rent a room scheme anymore as I don’t live there .

any ideas why this tax is coming in so high - it was only from sept to dec 23

relax carry on

https://www.boards.ie/discussion/2058334019/rental-income-help

Is your taxable rental income over 5000 euro for the tax year 2023? If it is less than 5000 euro, why are you using a form 11?

Also what do you mean, I had already updated my PAYE for 2023. Have you already filed a tax return?

GusGus

Yes it was over €5000

i meant I had completed a balancing statement and added medical expenses for 2023. In other words I don’t believe I have any outstanding liabilities for the year from my paye income .

relax carry on

https://www.boards.ie/discussion/comment/121699303#Comment_121699303

A balancing statement is what you get when you file a tax return via your Revenue Myaccount. You've already filed a tax return for 2023 and now you trying to file another one in a different format. That may have an impact on what you are trying to do. Contact Revenue via myenquiries to explain your situation to see if they can help.

On your calculations, you are correct. You apportion the expenses.

GusGus

I think you might be right - so form 11 doesn’t have the details I inputted for health expenses or income continuance .

I wonder should I re- enter there or leave to revenue to amalgamate

relax carry on

https://www.boards.ie/discussion/comment/121700456#Comment_121700456

Because you've already filed one type of income tax return for 2023 and you are now trying to file another type of income tax return for 2023, I'd contact Revenue before you go any further. Technically you've filed an incorrect tax return already.