property purchased and lived in from 2007to 2012 (small apartment)
property rented out in 2012 with all furnishings from when I lived there (beds, couch, kitchen etc. etc.)
question - can I set off the cost of the goods I purchased in 2007 against rental income this year?
ive copied and pasted in some info from the Revenue website which suggests I can't but i'm not sure
http://www.revenue.ie/en/tax/it/leaflets/it70.html
Wear and Tear
Wear and tear allowances are available in respect of capital expenditure incurred on fixtures and fittings (for example, furniture, kitchen appliances, etc) provided by a lessor for the purposes of furnishing rented residential accommodation. The allowances are available only where the expenditure is incurred wholly and exclusively in respect of a house used solely as a dwelling which is, or is to be, let as a furnished house on bona fide commercial terms on the open market. The rate of wear and tear depends on when the capital expenditure was incurred. For expenditure incurred on or after 4 December 2002 the allowance is 12.5% of the expenditure per annum for eight years.
property rented out in 2012 with all furnishings from when I lived there (beds, couch, kitchen etc. etc.)
question - can I set off the cost of the goods I purchased in 2007 against rental income this year?
ive copied and pasted in some info from the Revenue website which suggests I can't but i'm not sure
http://www.revenue.ie/en/tax/it/leaflets/it70.html
Wear and Tear
Wear and tear allowances are available in respect of capital expenditure incurred on fixtures and fittings (for example, furniture, kitchen appliances, etc) provided by a lessor for the purposes of furnishing rented residential accommodation. The allowances are available only where the expenditure is incurred wholly and exclusively in respect of a house used solely as a dwelling which is, or is to be, let as a furnished house on bona fide commercial terms on the open market. The rate of wear and tear depends on when the capital expenditure was incurred. For expenditure incurred on or after 4 December 2002 the allowance is 12.5% of the expenditure per annum for eight years.