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Are interest payments on business premises used for storage tax deductible?

  • 28-03-2012 9:58pm
    #1
    true
    Banned (with Prison Access) Posts: 1,325 ✭✭✭


    My brother is using an old unoccupied, uninhabitable house he bought for storage purposes. He bought it years ago and because its in an area with lots of other empty houses, there is little or no rental market for tenants.

    He keeps some of his old machines, and some stock for his business ( bulky low value goods ) stored there. He has a mortgage on the house and is paying interest only. However he has been told by his young, inexperienced accountant he cannot write off all of the cost of the interest as a business expense....only a small fraction of the interest amount is tax deductible. Is this correct or is the young accountant making a mistake?
    Anyone in a similar position to him? Thanks in advance for replies.


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    The accountant is right.

    Also FYI- the Young accountants are generally the most up to date with legislation, they say the peak of your technical professional knowledge is the first three years after you qualify


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