If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Revenue Form 12 Query - Wear & Tear / Capital allowance

caomhino · 2013-11-10 13:59:42

I'm referring to Revenues guide to rental income & Form 12. Can someone please tell me how "wear & tear" which calculated as 12.5% of furnishing costs should be entered in form 12 section 16 Should it be classed: A) as a capital allowance used after net rental income is calculated ? or B) as an "other" expense which is…

10-11-2013 1:59pm

#1

caomhino

Registered Users, Registered Users 2 Posts: 50 ✭✭

Join Date: September 2007

Posts: 32

I'm referring to Revenues guide to rental income & Form 12.

Can someone please tell me how "wear & tear" which calculated as 12.5% of furnishing costs should be entered in form 12 section 16

Should it be classed:
A) as a capital allowance used after net rental income is calculated ? or
as an "other" expense which is deductible from gross rental income before net rental income is derived ?

Looks to me that it should be "A". Any ideas ?

thanks

0

Comments

#2 10-11-2013 6:58pm

The_Conductor

Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭

Join Date: May 2002

Posts: 30621

Yes, A- and you're supposed to have proper documentary proof of the value of the item, when it was purchased etc (aka an original receipt, against which you base the value for depreciation).

0