Rental Income Tax

eisfspike

Registered User
Messages
15
Hi All,

I have a question in relation to rental income and taxation. I am aware of how capital allowances are treated etc. but am wondering if I buy relatively small unit (a lamp table in IKEA for €20 for example) do I need to divide this over an 8 year period at 12.5%? Technically as it’s not a repair I cannot claim the full expense.

It seems a bit crazy to deduct €2.50 a year over 8 years. Is anyone aware of any guidance where if a piece of furniture costs less than €50 say it can be claimed in full? There is a tax refund website that I believe suggests putting any item less than €200 down as an expense and make it tax deductible. Anyone ever have any correspondence with revenue on this?


Many Thanks
 

moneymakeover

Frequent Poster
Messages
441
I think about it as follows

If I do a large renovation eg 10k
Then I can do capital allowances

Otherwise it's all claimed that year
 

Feemar5

Frequent Poster
Messages
226
If the item is replacing one that was broken then it should be an expense. I believe that accountants advise that broken electrical items - cooker, washing machine etc. can be claimed as expenses.
 

Bronte

Frequent Poster
Messages
13,305
I told my accountant I’m not writing off stuff costing less than 100 Euro over 8 years! If revenue ever take issue with that they can do the calculations on 20 Euro kettles and back date my error 8 years. As if !!

An accountant on here said anything under 1 k. If I remember rightly. Like Feemar says for replacing broken electrical items in particular.
 

eisfspike

Registered User
Messages
15
I told my accountant I’m not writing off stuff costing less than 100 Euro over 8 years! If revenue ever take issue with that they can do the calculations on 20 Euro kettles and back date my error 8 years. As if !!

An accountant on here said anything under 1 k. If I remember rightly. Like Feemar says for replacing broken electrical items in particular.
Thanks all for the responses I might go with any less than 200 claim in the year but good to see the various limits people are using! :)
 
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