I’d really appreciate your help on this guys and gals. My girlfriend and I are moving in together next year and I want to let her know the financial implications of her move (no smart comments pls). She’s moving into my house and the plan is to turn her PPR into an investment property and let it out etc. She has owned the property for 4 years. There are no stamp duty implications AFAIK as she wasn’t a FTB, the house was 2nd hand so she paid the going rate for stamp duty which was equivalent to the investor rate. I’ve read all the relevant key posts here and the revenue IT70 leaflet on the allowable expenses against paying tax on rental income. I would however like to flesh out what exactly is allowed for some of the expenses, namely
Wear and Tear allowance
How is the value of furniture calculated? Original purchase price, Original purchase price minus a depreciation or replacement purchase price. Are receipts required?
What furniture is allowable aside from the standard tables and chairs? Carpets, curtains, paintings, appliances, garden shed, gardening tools, bbq……….
Expenses incurred in collecting rent / inspecting property
The rental house is in Dublin and the lucky lady is moving to Cork. Can civil service mileage rates be applied in calculating the expense in driving to Dub to inspect property?
I’m also aware that there are CGT implications should she sell the property in years to come. I presume this will be based on the proportion of time the house was an investment property / PPR?
Thanking you all in advance
Alan
Wear and Tear allowance
How is the value of furniture calculated? Original purchase price, Original purchase price minus a depreciation or replacement purchase price. Are receipts required?
What furniture is allowable aside from the standard tables and chairs? Carpets, curtains, paintings, appliances, garden shed, gardening tools, bbq……….
Expenses incurred in collecting rent / inspecting property
The rental house is in Dublin and the lucky lady is moving to Cork. Can civil service mileage rates be applied in calculating the expense in driving to Dub to inspect property?
I’m also aware that there are CGT implications should she sell the property in years to come. I presume this will be based on the proportion of time the house was an investment property / PPR?
Thanking you all in advance
Alan