Expenses incurred on vacant rental properties
Expenses on vacant rental properties
If you incur any expenses on repairing a vacant premises or property during the twelves months prior to first being rented out then it be can be claimed as an rental expense subject to:
- Being capped at a max amount of €5,000 per property
- Property has to be at least 12 months vacant prior to letting.
- Rented out before 31st December 2021
- Expenses have to be incurred in the 12 months prior to being rented.
- Property is not sold four years after being rented out. Otherwise a claw-back will arise.
- No change of use of the property from residential to another use. Otherwise a claw-back will arise.
Subject to qualifying conditions
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie