Property Rental

CapedCrusader

Hi folks,

We moved abroad and let out our house. Making my first tax return.

We left most of our furniture behind and let the house out furnished. I.e. most of the furniture we already had.

These are all pretty long shots, but here goes:

1. I don't have receipts for most of the furniture we left behind. Is is possible to make a reasonable estimate as to the value of the furniture and claim that against the rental income? If so, I presume this would be done at 12.5% over 8 years?

2. When we bought the house, 8 years before letting it, a value of €10k was put on all the fitted appliances. We probably have a document that shows this somewhere. I'm thinking that this would be considered fully depreciated and not possible to claim? Perhaps this could be used as a basis for valuing part of 1, above?

3. We had our attic converted 4 years before letting out the house. Is it possible to claim any portion of this cost?

ping pong

You can only claim for fixtures and fittings that you bought within 8 years of first letting.
eg. Say property first let 1/1 2013 and carpet bought in 2004-no allowance due as you have owned it for more than 8 years prior to first letting. If carpet bought on 1/1/2011 for 2k , then the allowance is 2k x 12.5% €250pa for 6 years from 1/1/2013.
Expenditure on the attic conversion does not qualify as a rental deduction but furnishing the attic will qualify for the next 4 years.
The attic conversion can be claimed as a CGT deduction if you sell it in due course although CGT deductions are not so important now with low house values.