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Case V Schedule D Rental Income Expenses

  • 04-10-2012 9:14am
    #1
    worm_tongue
    Registered Users, Registered Users 2 Posts: 47 ✭


    Maybe someone out there can answer this question for me.
    An individual is self assesd and all their imcome 100K is Case V Schedule D, ie rental income inside the state.
    What expenses can they write off under the heading management fees?
    I know a persons own labour can't be written off but can for example things like pertol expenses for visits to the properties be deducted?
    Can a commerical vehicle be purchased and the deprecation wriiten off against the rent income as a management expense?


Comments

  • #2
    LiamACA
    Registered Users, Registered Users 2 Posts: 30 ✭LiamACA


    worm_tongue wrote: »
    Maybe someone out there can answer this question for me.
    An individual is self assesd and all their imcome 100K is Case V Schedule D, ie rental income inside the state.
    What expenses can they write off under the heading management fees?
    I know a persons own labour can't be written off but can for example things like pertol expenses for visits to the properties be deducted?
    Can a commerical vehicle be purchased and the deprecation wriiten off against the rent income as a management expense?

    See section 97 (2) of the Direct Tax Acts. It sets out what is allowable. It has to be expenses associated with the premises. You could claim that your visits to the premises are deductible as they are administrative expenses such as reviewing work done by repairs men etc.

    Costs of maintenance, repairs, management (inc accountancy and administrative costs)

    Interest incurred on the purchase, repair and improvement of the premises. I think you would be allowed capitalise the Van and claim cap allowances on it given the information presented by you. Remember if you do this and decide to depreciate it over a period of < 8 years and subsequently sell the van you may have a balancing charge on it.


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