What Rental expenses can I write off against my rental income ?
Allowable expenses that can be offset against rental income include:
- rates you pay to a local authority for the property
- rents you pay for property such as ground rents
- Mortgage interest if registered with Residential Tenancies Board.
- insurance premiums against fire and public liability
- maintenance of your property such as cleaning, painting and decorating
- property fees before you first rent out your property such as management, advertising, legal or accountancy fees
- cost of any service or goods you provide that are not repaid by your tenant (such as electricity, central heating, telephone, service charges, water and refuse collection).
- certain mortgage protection policy premiums
- expenses in between renting out the property in certain circumstances
- capital allowances
- repairs, such as rot treatment, mending windows, doors or machines
- certain pre-letting expenses on vacant residential property
- the cost of registering with the Residential Tenancies Board (RTB).
You must keep full and accurate records of all expenses for each property you rent out.
Any queries give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie