Loss on rental property

N

nbc

Registered User
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286
Hi,
If I had a rental property for the past 10 years and lost for example E1000 a year and then this year I make a profit of E10000 am I right in assuming that I would pay no tax as the losses over the past 10 years would be set against this years profit?
Thanks guys
nbc
 
Hi,
Based on what Revenue are sending out, the health levy appears to be charged on rental profits, before any losses are accounted for, so think you will end up owing 4% at least on the profit for the year.
 
I assume the numbers are contrived for simplicity but in what sense have you made a loss? Did your mortgage INTEREST exceed your rental income? Did you make a return to revenue each year detailing the loss you incurred?
 
rental loss

Hi,
Yes, I made a return each year. Loss was incurred as mortgage interest, expenses and capital allownaces exceeded rent. So am I allowed to carry losses forward and so reduce my tax liability in this current year when a profit was made?
nbc
 
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