Tax return for rented property

B

breaks

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Hi,
I rented my apartment last year. I'd like to get my tax return done as soon as possible as the country needs it :)
Any advice / tips as to what I can claim as tax free?
1. 75% of the interest - I presume I need to check with the bank how much interest was paid in 2009?
2. Anything else? e.g. the registration fee with PTRB, the 200€ property tax and the management fee?

Thanks.
 
1. Interest accruing on or after 07/04/2009 is at 75%. Interest from 01/01/2009 to 06/04/2009 is at 100%.
2. The €200 property tax is not deductible as an expense. (unlike the PRTB fees which are allowable)
3. All tenancies in the property in the year must be registered with PRTB for interest to be allowable as a deduction.
4. Other deductions would be any insurance on the property, and repairs once let, wear & tear on fixtures/fittings/equipment if let furnished (W&T is 12.5% pa)
 
Have a look at Irish landlord.com. It is a great website and gives a lot of information as regards tax returns, claims for repairs. wear and tear etc relief etc. You cant claim for your own labout painting and decorating but cost of repairs, advertising etc can be claimed
If you record your expenses correctly you may even end us paying less tax than you think. As long as you don't tear the backside out of it the Revenue will be a bit flexible
 
Thanks Lads.
Just a question for you. I took a break from paying the mortgage for Feb / March and April as agreed with my bank. The apartment was empty until the 23rd of April 2010. And then the rent was paid on the 23rd of every month.

Can I claim tax relief on the interest paid for the entire year even though I only rented if for 7 months of the year?

Thanks.
 
breaks said:
Thanks Lads.
Just a question for you. I took a break from paying the mortgage for Feb / March and April as agreed with my bank. The apartment was empty until the 23rd of April 2010. And then the rent was paid on the 23rd of every month.

Can I claim tax relief on the interest paid for the entire year even though I only rented if for 7 months of the year?

Thanks.
Click to expand...

You cannot claim for preletting expenses, so no is the answer you cannot claim for this. If you had a tenant prior to this and then a break in tenancy and then a new tenancy then you could have claimed all the interest.

If you are not registered with the PRTB you can not claim any interest.
 
Yhttp://www.conlonosullivan.ie/tax-adviser.phpou can also claim any management/letting fees, solicitors, accountant if you use one.


John Conlon

[broken link removed]
 
Thanks. I am registered with PTRB. How do I figure out how much interest I paid for April, May, June, july, August, Sept, Oct, November and December then?

Thanks.
 
check the revenue website under personal tax-leaflet CG13 sets out all the allowable deductions such as wear and tear, insurance, repairs etc
 
breaks said:
Thanks. I am registered with PTRB. How do I figure out how much interest I paid for April, May, June, july, August, Sept, Oct, November and December then?

Thanks.
Click to expand...

Your mortgage provider should provide you with an annual statement with a breakdown of interest paid per month. If you are with NIB, you can check it online. Otherwise, the provider will send it out to you in due course.
 
WaterSprite said:
Your mortgage provider should provide you with an annual statement with a breakdown of interest paid per month. If you are with NIB, you can check it online. Otherwise, the provider will send it out to you in due course.
Click to expand...
Thanks, could I put down for 200 for cleaning the place before the tennants moved in? Would I need a receipt for that?

What about all the petrol costs running in and out to show it to people? Mobile phone expenses ringing people?

What can I put down for that I don't need a receipt for?

Thanks again.
 
breaks said:
Thanks, could I put down for 200 for cleaning the place before the tennants moved in? Would I need a receipt for that?

What about all the petrol costs running in and out to show it to people? Mobile phone expenses ringing people?

What can I put down for that I don't need a receipt for?

Thanks again.
Click to expand...

As Bronte said, you can't claim pre-letting expenses.

You need receipts for everything that is claim-able.
 
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