I would have thought that they would be capital expenditure and written off over 8 years. Writing them off in one year wouldn't be allowed by Revenue.I recently replaced the windows and doors on a rental property. After talking to the accountant I was informed that these costly replacements are not tax reducing for rental income purposes. Is this correct? TIA
That's how I thought too. Accountant did ask about a like-for-like replacement if that makes any difference..they replaced windows & doors from 20+ years and expect that triple glazing wasn't available then.I would have thought that they would be capital expenditure and written off over 8 years. Writing them off in one year wouldn't be allowed by Revenue.
Revenue seem very slow to allow large expenditure as simply maintenance/repair.Would it not be regarded as a repair rather than a capital cost? And thus allowable as an expense for the year in which the job was done.
Analogy: suppose the roof leaked and a section had to be replaced.....