Insights From the FMco Team

The importance of registering your rental properties and tenants with the Tenancy Board

In 2012 the Revenue are continuing their review and audits on individuals who have rental properties and rental income that should be returned through an Income Tax return. The Revenue are focusing on two main areas.

First, the requirement to register each property and each change in tenancy with the private residential tenancies board [PTRB], see for details and application forms. Second: That all rental income is returned, including any social welfare assistance received directly by the landlord on behalf of the tenants claim for rent supplement.

The Revenue can disallow mortgage interest paid during a period when the tenant was not registered with the PTRB. See example below;

First tenant registered with PTRB until vacated property on the 30 June 2011. Subsequent tenant not registered with PTRB until vacated property during 2012.

The Revenue rules require you to disallow 50% of any mortgage interest paid when making your Income Tax return for 2011 [not registered for the period 01 July 2011 to 31 Dec 2011].

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