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Landlord Expenses

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  • 08-02-2010 3:38pm
    #1
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,204 Mod ✭✭✭✭


    Is it true that any cost in terms of servicing or providing for rented accomidation can be ducted from your tax liability?

    Not sure how this works?

    As a landlord you have to make a taxt return but is tax free up to a certain level. How does this process work?


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    #2
    Victor
    Registered Users Posts: 78,297 ✭✭✭✭Victor


    There are a few different scenarios.

    1. Rent-room scheme. Lodgers in an owner occupier premises. The first €10,000(?) is tax free, but the landlord can't write off expenses. If you go over the €10,000 it is all taxable.

    2. Landlord and tenant. Any expenses the landlord has, if relevant to the premises, can be written off. Current expenses, e.g. advertising, management charges, insurance, etc. are written off in the year they are incurred. Capital expenses, e.g. initial purchase, major renovations and furniture get capital allowances over periods of approximately 5-20 years.

    3. As 2, but the landlord is a company. There are some slight difference on how things are handled, but your accountant can go into the details.

    Any self employment doesn't pay tax / PRSI on about he first €2,000 I think.

    You might be better off also posting here: http://boards.ie/vbulletin/forumdisplay.php?f=1208


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