Rental Income – Deductions allowed

What expenses are not allowed against your rental income?

You can not deduct the following expenses when you are calculating your rental profit or loss:

1. pre-letting expenses, other than legal and advertising fees before you first rented out the property
2. post-letting expenses
3. capital expenses on property improvements unless allowed under an incentive scheme
4. expenses on premises rented out on an uneconomic basis, where it is not possible to make a profit from the rent received
5. expenses in between renting out the property in certain circumstances
6. interest from the time you buy the property up until it is first rented out
7. Local Property Tax (LPT)
8. any cost for your own labour when carrying out repairs to the property.

Any queries on the above please do not hesitate to contact me on 091 763817 or email me at oliver@taxreturnhelp.ie