Always Learning
Registered User
- Messages
- 142
Hi,
I think I know how this works, but I'm hoping someone with more experience or expertise here can confirm.
I'm considering some upgrades to an investment property.
Total Cost of Works = €22K
Less Grant rebate = €9K
Net Cost = €13K
Can I write any of this 13K off my taxable income? I'm not sure because I've read that if you get a grant toward your expenses, then you must subtract three times the amount of the grant you got from your qualifying expenses. So as per the example above
Amount Spent on Qualifying Work = €22K
Grant Rebate x 3 = €27K
Qualifying Expenditure for Relief = €0 (or negative €5K)
Can anyone confirm whether I have this correct? I'm hoping I've interrupted it incorrectly and I can write it off!
Also, if I am correct and I can't write off this, are there any parts of the expenses that I can write off? Maybe break down the invoice and some aspects such as repainting can be written off? Or is it just no write off for any of it.
Any info is much appreciated.
I think I know how this works, but I'm hoping someone with more experience or expertise here can confirm.
I'm considering some upgrades to an investment property.
Total Cost of Works = €22K
Less Grant rebate = €9K
Net Cost = €13K
Can I write any of this 13K off my taxable income? I'm not sure because I've read that if you get a grant toward your expenses, then you must subtract three times the amount of the grant you got from your qualifying expenses. So as per the example above
Amount Spent on Qualifying Work = €22K
Grant Rebate x 3 = €27K
Qualifying Expenditure for Relief = €0 (or negative €5K)
Can anyone confirm whether I have this correct? I'm hoping I've interrupted it incorrectly and I can write it off!
Also, if I am correct and I can't write off this, are there any parts of the expenses that I can write off? Maybe break down the invoice and some aspects such as repainting can be written off? Or is it just no write off for any of it.
Any info is much appreciated.