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Section 23 losses forward

  • 27-06-2020 3:59pm
    #1
    RCSATELLITES
    Registered Users, Registered Users 2 Posts: 586 ✭✭✭


    Hi, when calculating losses forward for a property incentive section 23 relief. Is it net rental income before or after capital allowances. If I have say 20k of losses for this year and the net rental income after expenses is 5k. And I also have wear and tear of 1k. Is the losses for next year 15k or 16k. Thanks


Comments

  • #2
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,881 ✭✭✭✭Calahonda52


    CA is a tax calc deduction
    W&T is an accounting expense.
    So what is the CA in this case?

    “I can’t pay my staff or mortgage with instagram likes”.



  • #3
    RCSATELLITES
    Registered Users, Registered Users 2 Posts: 586 ✭✭✭RCSATELLITES


    Calahonda52 wrote: »
    CA is a tax calc deduction
    W&T is an accounting expense.
    So what is the CA in this case?

    You can claim capital allowances on the cost of furniture and fittings in your property. This is known as 'wear and tear allowances' or 'depreciation'. The current rate for these allowances is 12.5% of the cost per year, for a maximum of eight years.

    Capital allowance and wear and tear allowances are same thing. Thanks
    My CA is furniture and white goods.


  • #4
    marizpan
    Registered Users, Registered Users 2 Posts: 443 ✭✭marizpan


    Losses forward is 15k
    Unused CA carried forward 1k


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