Accidental Landlord Question -

Peregrinus

https://www.boards.ie/discussion/comment/123205576#Comment_123205576

You're only liable to income tax on the rent that you actually received. Presumably you're in a position to prove, if challenged, that you only received 1200 (bank statements, records of lodgements, etc).

The risk you face is (1) some kind of fine or penalty for the false registration with the RTB (and I have no idea how big that is or how likely they are to impose it) and (2) an action for misrepresentation by the purchaser of the property, who bought it in the belief that it was being rented for 1600 when in fact it was not, and therefore was induced to pay considerably more than it was worth by your fraudulent misrepresentation.

boardsdotie44

https://www.askaboutmoney.com/threads/a-landlords-experience.238534/

Have a read of that, maybe an eye opener to the anti landlord brigade..

Any profit is well earned…

ted1

OP: some points

1:RTB may fine you for non registering

2: aswell as money owed , revenue may fine/penalise you

3: you can’t raise rent beyond what the RPZ allow

4: tenant can challenge rent review : RTB could fine iou.

5: you will find it hard to evict tenant

6: selling the property to an investor is not an option because of low rent. So only option is occupier buyer

7: you are an adult. You can’t hide behind accidental landlord . You need to take responsibility

boardsdotie44

https://www.boards.ie/discussion/comment/123183624#Comment_123183624

You completely missed the point that the tenant was paying way below market price for years, and even if the rent was increased massively, they are still under market value. Its a cruel world, tough if they built their life around it..

Amazes me that so many ppl miss this, the blaringly obvious.. The tenant should have realised that they were getting a fantastic deal that would not last forever and made plans for that!

In any case why shouldnt the landlord not make a profit, it is a business after all.. providing a service, like any service, the tenant is more than welcome to move on if they wish?

ballyharpat

With the new regulations, a new landlord can increase the rent to market value.

3DataModem

"Question is .. is there a danger here that revenue looks at the RTB declaration and comes after me for tax on rent of 1600?"

No. You don't get taxed on arrears you never collect.