Hi All,
I purchased a rental property last year and am doing my 2005 rental account which will be showing a loss due to 6 months rental income and the deduction of expenses and capital allowances.
I financed the purchase of the property with a commercial mortgage over 15 years. I also borrowed €15k from my local credit union over 5 years to assist the purchase. I'm wondering if it's ok to deduct all interest payable (ie to the Bank and Credit Union) in calculating the rental profit / loss. The revenue site talks about interest as a deduction as opposed to mortgage interest.
Regards,
Brian_M
I purchased a rental property last year and am doing my 2005 rental account which will be showing a loss due to 6 months rental income and the deduction of expenses and capital allowances.
I financed the purchase of the property with a commercial mortgage over 15 years. I also borrowed €15k from my local credit union over 5 years to assist the purchase. I'm wondering if it's ok to deduct all interest payable (ie to the Bank and Credit Union) in calculating the rental profit / loss. The revenue site talks about interest as a deduction as opposed to mortgage interest.
Regards,
Brian_M