C corktim Registered User Messages 172 28 Mar 2021 #1 Hi Guys if I take out a personal loan to upgrade a bathroom can I write the interest off for tax purposes? I know you can do it for a mortgage but not sure about a personal loan
Hi Guys if I take out a personal loan to upgrade a bathroom can I write the interest off for tax purposes? I know you can do it for a mortgage but not sure about a personal loan
R RedOnion Frequent Poster Messages 7,273 28 Mar 2021 #2 Yes, it doesn't actually have to be a mortgage, just that the loan is used in relation to the rented property only. Just make sure to keep it clean in case challenged - that the loan is no more than you have receipts for, etc. Have a look through this for a bit more detail: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-04/04-08-06.pdf
Yes, it doesn't actually have to be a mortgage, just that the loan is used in relation to the rented property only. Just make sure to keep it clean in case challenged - that the loan is no more than you have receipts for, etc. Have a look through this for a bit more detail: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-04/04-08-06.pdf