Rental Income Tax Capital Allowances Tax Question

jack_pearse

Hi

I am letting an apartment through a letting agency and any repairs or replacements of white goods are deducted from the rent by the letting agency before I receive it.

I am wondering about the tax treatment here:

• For White goods can I use the value of these new items in my capital allowance calculation?
• Repairs I assume if deducted from the rent before I receive it, cannot be claimed against income tax?

Thanks

Jack

Allinall

https://www.boards.ie/discussion/2058270400/rental-income-tax-capital-allowances-tax-question

I presume you get a monthly statement from the letting agency?

For your tax, you should put in the gross rent received per the statement, not what the letting agency pay you after deductions.

You then deduct any repairs, and calculate any capital allowances and adjust the gross rent to get to a profit figure, which will be what your tax is based on.

jack_pearse

Thanks! Yes, I get a monthly statement...that makes sense

Also, I get Medical Insurance as BIK from my employer....I presume I can include this on my Form 11?