Hi,
We’ve owned our apartment since 2005 and in 2016 spent €30k renewing the entire place i.e. white goods, furniture etc.
We were living in the apartment until last year when we moved out and let it for the first time. We’ll be declaring for rental income later this year (first tax return) so I’m just wondering can I use any of the €30k spend as capital allowances?
Would it be right to divide by eight and deduct one 8th for the year we were living there and carry the remaining 7/8ths as capital allowances onto our tax return i.e. c. €26k spread out over 7 or 8 years to be used against our rental profit?
We registered with the PTRB at the time of letting and also removed TRS.
Thanks
Tom
We’ve owned our apartment since 2005 and in 2016 spent €30k renewing the entire place i.e. white goods, furniture etc.
We were living in the apartment until last year when we moved out and let it for the first time. We’ll be declaring for rental income later this year (first tax return) so I’m just wondering can I use any of the €30k spend as capital allowances?
Would it be right to divide by eight and deduct one 8th for the year we were living there and carry the remaining 7/8ths as capital allowances onto our tax return i.e. c. €26k spread out over 7 or 8 years to be used against our rental profit?
We registered with the PTRB at the time of letting and also removed TRS.
Thanks
Tom