Donalanseo
Registered User
- Messages
- 6
I have a short term rental property (with appropriate STL planning) - Bought in August 2019, renovated and First let in Dec 2019 (primarily Airbnb)
I have read Revenue Part 04-01-20 on Short term letting https://www.revenue.ie/en/tax-profe...ains-tax-corporation-tax/part-04/04-01-20.pdf. and I read that I need to register as a trade (regular lettings).
1) Property jointly owned with my spouse. Can I register trade as 50/50?
2) When do I have to register the trade with revenue - Is it anytime pre Oct31st.
3) Losses in year 1 - Is it better to claim losses against other income in same year or carry forward in trade (USC/PRSI etc.)
4) Can I claim capital allowances on the property itself (holiday home) bought in August 2019
5) If I decide to use as private holiday home and stop renting out in 5 years time is there any issue/ watch outs!
5) I have one other BTL property on long term let (Rental Income on Form 11) - In case there are any opportunities.
Advice on any of the above would be welcome. Thanks!
I have read Revenue Part 04-01-20 on Short term letting https://www.revenue.ie/en/tax-profe...ains-tax-corporation-tax/part-04/04-01-20.pdf. and I read that I need to register as a trade (regular lettings).
1) Property jointly owned with my spouse. Can I register trade as 50/50?
2) When do I have to register the trade with revenue - Is it anytime pre Oct31st.
3) Losses in year 1 - Is it better to claim losses against other income in same year or carry forward in trade (USC/PRSI etc.)
4) Can I claim capital allowances on the property itself (holiday home) bought in August 2019
5) If I decide to use as private holiday home and stop renting out in 5 years time is there any issue/ watch outs!
5) I have one other BTL property on long term let (Rental Income on Form 11) - In case there are any opportunities.
Advice on any of the above would be welcome. Thanks!