Hello AAM members,
I have a small number of apartments which I rent out.
Each time I buy a replacement appliance for one of the properties (e.g. a washer/Dryer), I write down the cost against tax over 8 years.
I recently sold an apartment which still had approximately €1,000 of capital allowances unused (I had replacaed several appliances recently).
I made no capital gain on the sale of the apartment as I had bought it during the Celtic Tiger when prices were high.
I feel I should be able to write off the final €1000 of capital allowances this year against income from the other apartments which I still hold.
My accountant says no: He says you just lose the tax relief.
Is he right?
I have a small number of apartments which I rent out.
Each time I buy a replacement appliance for one of the properties (e.g. a washer/Dryer), I write down the cost against tax over 8 years.
I recently sold an apartment which still had approximately €1,000 of capital allowances unused (I had replacaed several appliances recently).
I made no capital gain on the sale of the apartment as I had bought it during the Celtic Tiger when prices were high.
I feel I should be able to write off the final €1000 of capital allowances this year against income from the other apartments which I still hold.
My accountant says no: He says you just lose the tax relief.
Is he right?