Rental Expenses – whats not allowable ?

What expenses are not allowed against your rental income for tax purposes?

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

1. pre-letting expenses, other than property fees before you first rented out the property. However certain pre-letting expenses on vacant residential property may be deductible.
2. post-letting expenses after last tenant leaves.
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 give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie