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Question on Rental Losses brought forward and General Reliefs

  • 02-11-2010 11:03pm
    #1
    riptide
    Registered Users, Registered Users 2 Posts: 739 ✭✭✭


    Just looking at my friends return for 2009. He's got substantial S.23 refief coming forward as losses from prior periods. They bring his Rental profit down to Zero and have done so for a few years now. He has no other income except rental and is assessed as such. Am I right in saying that his substantial medical expenses won't attract some relief because his Losses b/f have already NILed his income? I would have thought that perhaps his S23 related relief used in this year would be adjusted downward to a balancing figure to bring overall liability to NIL which would include the reliefs etc on medical expnses and tuition?

    From what I gather however is that the Losses brought forward /S23 relief is always used up in the rental profit calc., after Cap. Allowances and is not adjusted by any of the reliefs below this line. Is this correct?

    Thanks in advance.


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    Unfortunately for your friend you have it spot on.


  • #3
    riptide
    Registered Users, Registered Users 2 Posts: 739 ✭✭✭riptide


    nompere wrote: »
    Unfortunately for your friend you have it spot on.

    I thought so. He's still in the mindset of pre S.23. Still fussing over receipts for this and receipts for that that his accountant hardly looks twice at.:pac:


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