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LPT on rental property

  • 15-12-2014 4:58pm
    #1
    golfdiva
    Registered Users, Registered Users 2 Posts: 222 ✭✭


    Hi All

    Quick question regarding the LPT on rental properties.

    Is it possible to write this off tax at the end of the year accounts?


    Thanks :)


Comments

  • #2
    TMC99
    Registered Users, Registered Users 2 Posts: 190 ✭✭TMC99


    golfdiva wrote: »
    Hi All

    Quick question regarding the LPT on rental properties.

    Is it possible to write this off tax at the end of the year accounts?


    Thanks :)

    Not so far - it has been discussed and mentioned by Noonan but no sign of it being implemented/allowed so far.


  • #3
    Blured
    Registered Users Posts: 394 ✭✭Blured


    Not yet

    http://www.revenue.ie/en/tax/lpt/faqs/general.html#section9
    Revenue wrote:
    9. I am a landlord and have paid Local Property Tax (LPT) on my rental properties. Is the LPT that I paid an allowable deduction against rental income?

    The Government has accepted in principle the recommendation in the Thornhill Report that LPT be a deductible expense in calculating a landlord’s taxable rental income and that the deduction be phased in over a number of years with the start date being determined by the economic and budgetary situation. However, the Government has not yet decided to bring the deduction into effect. Until the necessary amendment is made to section 97 of the Taxes Consolidation Act 1997, LPT is not a deductible expense and therefore should not be claimed as a deduction when submitting your Income Tax/Corporation Tax Return for 2013.


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