Rental income tax is applicable to you if you are renting a residential property or a commercial properly. Rental income tax or landlord tax has to be declared in Ireland by completing a Irish tax return, that is after that, sent to the Revenue Commissioners. If your property is rented to a local council consequently there can be fees that can be waived. That’s not the case and you are still liable to pay tax on the amount earned, It is also a typical misconception that you do not need to pay tax on rental income if the earnings you receive are less than the mortgage payments. Generally, while look, there’re some finer nuances of becoming a landlord that are difficult to understand, There are also some common misconceptions within renting and rental tax that many people should not be aware of.
Filing your favorite tax return can be a confusing and convoluted process if you are not entirely sure what you are doing, as you can see. Where better to turn than a highly skilled and knowledgeable chartered accountant, It is therefore a great idea to use an expert in finance, tax and mortgages. Mark Sanfey is a writer who has a vast selection of interests from technology to accountancy.