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:

1. Being capped at a max amount of €5,000 per property
2. Property has to be at least 12 months vacant prior to letting.
3. Rented out before 31st December 2021
4. Expenses have to be incurred in the 12 months prior to being rented.
5. Property is not sold four years after being rented out. Otherwise a claw-back will arise.
6. 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