tax on rental income (lost receipts)

nino1

i have been renting our apartment for the last few years and have kept receipts for any expenses, repairs etc.

2 house moves later and i have lost all the receipts.

if i get an inspection for 2015 for example and i dont have any receipts would i have to pay it to revenue with intetest?

i am doing 2016 return now, is there any amount i can put through as wear and tear without receipts or am i better off not putting any expenses through for 2016 to be on the safe side?

nino1

nino1 wrote: »

i have been renting our apartment for the last few years and have kept receipts for any expenses, repairs etc.

2 house moves later and i have lost all the receipts.

if i get an inspection for 2015 for example and i dont have any receipts would i have to pay it to revenue with intetest?

i am doing 2016 return now, is there any amount i can put through as wear and tear without receipts or am i better off not putting any expenses through for 2016 to be on the safe side?

anyone help?

nompere

You are entitled to a deduction for your expenses, but as you note if you get audited you have to be able to prove your entitlement with receipts.

In the event of an audit any disallowance will involve penalties and interest.

We have found in a recent case where the Revenue intervention was done by correspondence, asking for receipts, that eventually we were able to agree to disallow just 50% of the unreceipted expenses. We were able to show receipts for other years and a written history of all expenditure. Because it wasn't a full scale audit, interest and penalties didn't arise.

As Clint Eastwood once said, "Do you feel lucky?"