Boston Guinness
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I would imagine the attic conversion and extension would also be deductible from year of construction once no capital Allowances were claimed against rental income. Apportioned correctly obviouslyBack of the envelope:
Indexation takes the base cost, including enhancement, to about €240,000.
Say another €10,000 for acquisition and disposal costs.
€640k - €250k is €390k.
You’ve owned it for 25 years, of which you lived in it for 11.
You get an extra year deemed occupancy.
So 13/25 x €390k is taxable at 33%.
So about €67k of tax.
As I said, back of the envelope, and it’ll move a little depending on when in the calendar year these various things happened. But that’s your ballpark.
I would imagine the OP meant additional capital repayments, looking at the post I would assume that took equity out of it in 2007/8 to buy another house .You are charging € 2,200 / month but subsidising the rent yourself by € 1,000?
I don't understand what that means - How did you end up in this position? Do you have management fees exploding by more than 12K a year, or how do you end up with a costs base of 37K (ie 2,200 rent plus 1,000 subsidy x 12)?
Your interest rate of 0.75% on 336K means your monthly interest payment is like 220 Euro or thereabouts.
I included those.I would imagine the attic conversion and extension would also be deductible from year of construction once no capital Allowances were claimed against rental income. Apportioned correctly obviously
My apologies, you did.I included those.
You can't claim rental capital allowances for an attic conversion or construction of an extension.I would imagine the attic conversion and extension would also be deductible from year of construction once no capital Allowances were claimed against rental income. Apportioned correctly obviously
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