Expenses Claimable against Rental Income

Another thread from me - obviously like everyone else, starting to panic with returns...

I am adding up my expenses, and i have the Revnue Guide to Rental Income, but just want to check can i claim as expenses

1. All the fees paid to my letting agent (useless though he was) for the advertising and procuring tenants for my house (about 600 euro)

2. The 70 euros charged by the PRTB

3. The management fees that i pay on my property (in the region of 1100 euro) as it's part of an appartment block?? (This is the one i am most unsure of)

4. Home Insurance

Does all this just get added up and lumped into the "Other" section in form 12 (section 13)

Thanks again.

If those expenses all refer to your rental property then they can be deducted from rental income.

If you are renting out a room in your own apartment (ie you are also living in the apartment) , be aware that you can receive tax free rental income of €10000 pa. So there wouldn't be a need to deduct anything from the income as there is no tax liability arising. I think there's a special exemption section where such income is noted on the form.

Mortgage protection is also allowable, as is mortgage interest

Thanks guys,
Yep - all those expenses relate to my rental property.

Are you positive that i can claim the entire amount of my management fees (as far as i'm aware this covers things like cleaning, garbage, buildings insurance and all the other things that management companies do)?

Also, can i claim Capital Allowance expenses. I was told i can claim for 12.5% of everything in my house (furniture, carpets, cookers etc). Can i claim this even if i haven't had to do any repairs/replacements? What kind of proof do i need when i come up with a value for this?

Thanks again

The services paid for to the management company would all be allowable.

Capital Allowanses are on Fixtures/Fittings/Equipment. You need to actually have such in the house to claim. So if you let it furnished with appliances etc. then 12.5% of the cost ( or written down value at date of letting ) would be allowable. A schedule of such items kept on file and receipts for purchase where available would be helpful.

Thanks Graham,
Yep - i let it fully furnished, but have no real records of anything in the house - most furnishings and furniture were included when i bought it. Am i allowed to just make up educated estimates?

missey1977 said:

Also, can i claim Capital Allowance expenses. I was told i can claim for 12.5% of everything in my house (furniture, carpets, cookers etc). Can i claim this even if i haven't had to do any repairs/replacements? What kind of proof do i need when i come up with a value for this?

Click to expand...

You're confusing two things, repairs and maintenance such as fixing a broken down washing machine and painting the house are fully allowable. If you however purchase a new washing machine, couch etc then you claim it as a wear and tear allowance at 12.5% for 8 years.

Ah, yep i see. Am just posting a new thread specific to Capital Allowance, as still have some questions here

missey1977 said:

Thanks Graham,
Yep - i let it fully furnished, but have no real records of anything in the house - most furnishings and furniture were included when i bought it. Am i allowed to just make up educated estimates?

Click to expand...

If they were included in the house when you bought it at no specific cost then there might be an argument for saying that they did not cost and as such no claim is available.

However if the house was €x and €y for value of furnishings then €y could be reduced to reflect your period of usage, to current estimated realisable value and then claim on that remainder.