Hi,
I hope someone can help because the more i read revenue.ie the more confused I get!
As I have been renting out my apartment for the latter part of 2011, I need to declare the rental income. I’ve found lots of useful info on the website but some of it is confusing. When talking to a rep from the tax office, I was told to complete From 11, however as I am a PAYE employee I think Form 12 is what they might have meant?
Anyway my main query is around what expenditure can be deducted, and more specifically around the following 2:
“Interest on Borrowings” – does this relate to interest I’m paying on my mortgage, and how is this calculated?
“Wear and Tear”, according to revenue.ie, for expenditure that incurred on or after 4 December 2002 the allowance is 12.5% of the expenditure per annum for eight years………does this mean for any appliances/furniture etc that I purchased after the above date, I calculate 12.5% of it and include as a deduction? Where does the 8 years come into it?
Thanks for your help!
I hope someone can help because the more i read revenue.ie the more confused I get!
As I have been renting out my apartment for the latter part of 2011, I need to declare the rental income. I’ve found lots of useful info on the website but some of it is confusing. When talking to a rep from the tax office, I was told to complete From 11, however as I am a PAYE employee I think Form 12 is what they might have meant?
Anyway my main query is around what expenditure can be deducted, and more specifically around the following 2:
“Interest on Borrowings” – does this relate to interest I’m paying on my mortgage, and how is this calculated?
“Wear and Tear”, according to revenue.ie, for expenditure that incurred on or after 4 December 2002 the allowance is 12.5% of the expenditure per annum for eight years………does this mean for any appliances/furniture etc that I purchased after the above date, I calculate 12.5% of it and include as a deduction? Where does the 8 years come into it?
Thanks for your help!