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File Rental Income/Expenses in 2023 or 2024?

  • 13-09-2024 8:09pm
    #1
    Info_Seeker
    Registered Users, Registered Users 2 Posts: 81 ✭✭


    Hi Folks,

    I bought a property in Nov 2023. Renovated it in Nov & Dec and rented it out.

    Tenancy agreement commenced on 30th Dec 2023. Deposit hit my account on 29th Dec 2023. First rent hit the account on 2nd Jan 2024.

    What's the best way to deal with it from Revenue perspective?:

    1) File it in 2023 return (it will only be expenses and capital allowances)

    2) Wait and file in 2024 (it will be everything: rent, expenses and capital allowances)

    3) Any other suggestions?

    Thanks.



Comments

  • #2
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,754 Mod ✭✭✭✭Sheep Shagger


    Deposit isn't income.

    You never used to be able to use expenses incurred before a tenancy agreement started, to offset tax on that rental income (except if its in-between tenancies).

    Income is in 2024 tax year so file it there, by 31 October 2025.



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