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Foreign Rental Income

Foreign Rental Income

What expenses and deductions are not allowed for foreign rental income?

You cannot claim the following against your foreign rental income:

  1. pre-letting expenses
  2. post-letting expenses
  3. capital expenditure or improvement costs
  4. the cost of your own labour if you carry out repairs to the property.
  5. Travel costs unless the journey is undertaken wholly and exclusively for the purpose of earning rental income from the property.  ( For example can’t claim travel costs if you want to take a short break as well )
  6. You cannot claim expenses or deductions for any time that you or others stay in the property rent free. You must divide the expenses and deductions between that period of time and the time that it was rented out.
  7.  You can only claim expenses for the term of a lease. The exceptions to this are expenses such as letting fees, advertising fees and legal fees before the first letting.

Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie

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