Wear and Tear expense on rental income

G

gilboy

Registered User
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Hi
I just wanted to confirm my understanding of the wear and tear expense which can be offset against rental income(12.5% per year over 8 years).

I am renting out a property which was previously my PPR. I paid about 10k for furniture and fittings at a rough guess. Can I use this as my furniture and fittings figure and offset 12.5% of this figure each year against rental income liability.

Thanks
 
You use the value of the furniture at the time the property became a rental property. As a rough guide, if you paid €10k new, depreciate this by 12.5% for each year you held it before it became a rental property. Then write the net value off against your rental income over the next 8 years.
As long as you keep a schedule of the f&f and can justify the value you have included then your tax office will accept it if you are audited.
 
Thanks webtax

Would you be able to take a quick look at my list and clarify that all are valid:
(1) electrical appliances (fridge, cooker, hob, washing machine etc)
(2) sitting room suite, tv's, dvd's etc
(3) beds, lockers etc
(4) electric shower and jacuzzi
(5) timber floors, carpets etc
(6) timber shed

Much appreciated
 
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