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Feb 25, 2004 - 09:00

Property Tax Tips

MyHome.ie
By MyHome.ie
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Property Tax Tips
Property Tax Tips

All Irish tax payers must prepare an annual tax return if you have rental property even if the Revenue hasn't asked.

Contact Allen Morrissey & Co. Tax Specialists

1. If you have RENTAL INCOME
There are many deductions you are allowed - these will reduce the tax you pay.  They include:

  • Rates
  • Maintenance
  • General expenses (excluding capital items)
  • Insurance
  • Advertising for Tenants
  • Collection expenses
  • Accountants fees
  • Interest paid on loans to purchase, improve, or repair a residential premises
  • Cost of any service or goods provided by the landlord, for which they do not receive a separate payment
  • Legal expenses in drawing up leases
  • Registration with Private Residential Tenancies Board.
  • Wear & Tear allowances on capital items.

2. REPAIRS TO RENTAL PROPERY YOU OWN

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A repair means "the restoration of an asset by replacing subsidiary parts of the whole asset".  Examples of common repairs which are normally deductible: 

  • Exterior and interior painting and decorating
  • Damp and rot treatment
  • Mending broken windows, doors, furniture and machines
  • Replacing roof slates.

3. RENT A ROOM RELIEF

Did you know that you can rent out a room in your own home, and, you can charge rent of up to €10,000.00 without paying tax on the income.  Don't forget:

  • Rent in excess of €10k is taxed under the normal tax rules.  But the deductions listed above can be deducted from the rental income, and the balance will be taxed.
  • The Rent a Room Relief extends to capital gains tax cases, and won't affect stamp duty relief claimed for new or first time buyers.
  • This Relief does not apply if the room is used by your child or parent, and only applies to Irish properties that you may own.

4. WEAR & TEAR

You can claim an allowance of 12

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MyHome.ie
By MyHome.ie
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