wear and tear allowance

howareya

Registered User
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Apologies if this is posted in the wrong section.

I bought an investment property abroad a number of months ago. As part of the cost €15,000 went towards furnishing the apartment.
Am I entitled to a 12.5% wear and tear allowance against my rental income for this expense. I do not have specific invoices to show 15k of spend on fixtures but the round sum figure is on the purchase invoice for the apartment. Is this sufficient?
 
Howareya

Are you entitled to wear and tear in the foreign country against the rental income? that will dictate what you are taxable on here

If you are entitled to w/t allowance in that country then you are taxable in Ireland on the net amount rent less w/t with a credit for foreign tax paid assuming there is a double taxation agreement between Ireland and the other country under most DTR's the country where the property is located has taxing rights.
foreign rents are assessed to tax differently in ireland than irish source rents
 
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