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Question for landlords regarding travel to rental properties

Comments

  • #2
    DubCount
    Registered Users, Registered Users 2 Posts: 1,094 ✭✭✭DubCount


    I Think you should speak to your accountant rather than seeking an answer on boards.

    IMHO there is a general concept here that costs wholly and exclusively incurred as part of your "rental business" are allowable against tax. There are some notable exceptions to this general rule where some costs are specifically excluded (like Local Property Tax). The issue is figuring out what costs you can identify as wholly and exclusively for the business. If you have a foreign property, items like flights, car hire, accommodation etc. are easily identified and come with a bill that you have paid - the only issue is then ensuring it was for maintenance/inspection and not wholly and exclusively for your rental business. For mileage, you need to establish how much of the car cost is relating to your rental income, and how much is relating to personal use. 40KM round trip even 4 times per year will be a drop in the ocean of your total car usage, and you would need a lot of records to keep for very little tax savings. I wouldn't bother as the return would not be worth the effort.



  • #3
    dazed+confused
    Registered Users, Registered Users 2 Posts: 1,022 ✭✭✭dazed+confused


    Thanks for the reply.

    Yes obviously going to discuss it with the accountant before claiming as an expense, it was a curiosity more than anything. I was keen to see what others are doing and if it was an accepted norm.

    This isn't the point of the thread so i don't think there'sany point in delving too deeply into it, but the Civil Service mileage calculator is widely used by a lot of companies for expensing mileage. It's an online tool that's quick and easy to use.



  • #4
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    Your accountant will help, but as long as it is not excessive than it is likely to be fine.

    If you claim to visit a property monthly, but also pay an agent, that is going to be suspect.



  • #5
    dennyk
    Registered Users, Registered Users 2 Posts: 1,783 ✭✭✭dennyk


    This isn't the point of the thread so i don't think there'sany point in delving too deeply into it, but the Civil Service mileage calculator is widely used by a lot of companies for expensing mileage. It's an online tool that's quick and easy to use.

    Self-employed taxpayers can't claim relief based on the standard mileage rates; they can only deduct actual costs. I'd imagine the same would probably be the case for landlords claiming rental-related expenses. Your accountant can tell you for sure, but it seems highly unlikely that Revenue would allow a flat mileage rate to be claimed in that case when they don't allow it for ordinary self-employment.



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