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Help with tax return - rental property

  • 12-11-2010 4:54pm
    #1
    lipi
    Registered Users, Registered Users 2 Posts: 67 ✭✭


    Would appreciate if someone could confirm whether or not I can put down insurance premium payments as an expense thus reducing my tax liability?

    Thanks


Comments

  • #2
    ABEasy
    Registered Users, Registered Users 2 Posts: 566 ✭✭✭ABEasy


    yes


  • #3
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Buildings insurance... yes


  • #4
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    You can claim the premium on your mortgage protection policy as well. This is copied from http://www.revenue.ie/en/tax/it/leaflets/it70.html#section4

    "Accordingly Revenue, having reviewed the position, is prepared to treat mortgage protection policy premiums paid as an allowable deduction in computing rental income for income and corporation tax purposes."

    It was introduced a bit grudgingly - I remember being halfway through a Revenue audit when this was announced and the auditor was most put out. Had we settled sooner this insurance wouldn't have been allowed.


  • #5
    lipi
    Registered Users, Registered Users 2 Posts: 67 ✭✭lipi


    Thanks very much.


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