I've trawled through various forums on AAM but I'm still confused Just wondering if...
Tax on rental income = gross income - (expenses + capital allowances).
USC is charged on rental income after capital allowances but before expense deductions.
Assuming on the higher tax rate during 2015, the taxable rental income will incur 52% tax
(41% income tax + 4% PRSI + 7% USC) in 2016.
Thanks in advance,
Logo
Tax on rental income = gross income - (expenses + capital allowances).
USC is charged on rental income after capital allowances but before expense deductions.
Assuming on the higher tax rate during 2015, the taxable rental income will incur 52% tax
(41% income tax + 4% PRSI + 7% USC) in 2016.
Thanks in advance,
Logo