Property expenses

[Kiernp]

Hello,

As of this year I have two properties that I rent out. One property has cost me significantly in mortgage interest and other costs. The other has had few costs.

My question is, for tax purposes do I sum the rental income from both properties and subtract the costs or do I operate on a property by property basis?

Thanks in advance,
Kiernp

 

[Unregistered]

Check out Revenue's IT70 leaflet for more info.

[broken link removed]

"A separate rental computation is prepared for each property whereby the rental expenses for each property are deducted from the related rental income for the same property in order to arrive at a surplus (i.e. income greater than expenses) or a deficiency (i.e. expenses greater than income) for each property. The total of surpulses and deficiencies are then aggregated to arrive at profits or gains arising in the year, i.e. taxable rent."