Allowable expenses against rental income

May 25

When preparing tax returns I often have to remind my clients that they may not be claiming for all allowable expenses against their rental income.Rental Income

I have  prepared a checklist which may assist landlords in ensuring they are claiming for everything they should. Remember all expenses should be wholly and exclusively for the business purpose and not of a capital nature.

  • Accountants Fees (For preparing rental accounts)
  • Advertising fees for advertising the property. (Invoice from Daft or a local newspaper)
  • Rates and levies (Water rates are often missed)
  • Repairs (These should not be of a capital nature)
  • Refuse charges
  • Insurance on the property
  • Management fee’s (Example the actual cost of collecting the rent)
  • Services paid for by the landlord (Examples: Gas, Electricity ect)
  • Wear and tear on fixtures and fittings (Example: Carpet, cooker, central heating)
  • Maintenance Costs (Landlord can not charge for her own time so its worth while paying someone to cut the grass or clean the apartment in between tenants!)
  • Interest paid on loans to purchase, repair or improve the property. (75% allowable, Everyone claims for their mortgage interest but a lot of landlords forget to claim for the interest on loans the may have on repairing the property)
  • Legal fees to cover the drawing up of leases or the issue of solicitors letters to tenants who default on payment of rent.
  • Certain mortgage protection policy premiums with

This list is obviously not conclusive.

If you would like one of our Tax experts to prepare your rental income tax return from as little as €195 please contact us now on 01-4800531

Rental Income

1 Comment

  1. Garrett
    Jun 29

    I have 1 property but do not feel my accountant is claiming for everything and never gave me any tips

    Reply

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