I have a few rental properties I have held for a few years and after some bad advice did not declare these on myself and my wife's tax return. I was wondering what I should do now - the rental income is significant over the last five years even taking into account expenses and interest ? Should I contact revenue and declare them - what kind of penalties/interest are involved. I was also a 40% tax payer for some of the time so the amount would be a lot and I do not know how I could pay the possible tax bill.
What are the chances the Revenue find out if I carry on not declaring them or perhaps under declare them as I am not sure how much tax is payable and what . What do they tend to do in these cases as I know of many people that have rental income and do not declare it - to be honest was not even aware that I had to pay tax on it
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