House newly rented

F

FredBloggs

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About eight years ago we bought a small house down the country to use when we were visiting Mrs Bloggs elderly mother. However last year she died and we had no cause to use it so we decided to rent it out (our original plan at the time of purchase had been to sell it but we can forget about that for the moment). We gave the house to a local agent and after six months empty the house was finally rented for the first time two weeks ago. My question is how do we work out the rental deductions on this property - is the interest for the year simply pro rated for the period from the date its rented. How do we work out the depreciation of the fixtures and fittings etc - I don't think I still have details of the cost.
Thanks
FB
 
You can claim the interest as an expense from when you let the property out, but you must register with the prtb in order to claim it.
For the fixtures & fittings, do up a list of their current value and depreciate them at 12.5% over the next 8 years.
 
For the fixtures & fittings, do up a list of their current value
Click to expand...

Webtax, would you know where there might be a definitive list for fixtures and fittings? Could, for example, floors, kitchen etc be included in the list ?
 
I don't think any definitive list is available, but as a rough guide, most things you can take with you when moving house would be condifered f&f. For example, you can take carpets, tables etc. but not a new conservatory/windows (these would be considered capital expenditure when calculating cgt).
 
Thanks for your help and the reminder to register with the prtb. Had thought of it at the time we gave it to the agent but its been such a long drawn out process getting the house rented that i'd forgotten about it
 
Download copy of IT70 from Revenue website. It's a guide to Rental Income tell you almost everything you need to know.
 
If an item forms part of the building then you can generally take it that you can't claim capital allowances on the item. For example, could can't claim capital allowances on a staircase.

What webtax meant to say in his first post is that "You can claim the interest as an expense from when you FIRST let the property out." You can claim the interest between lettings.
 
Thanks Iceman,

Would also add that you can you can claim the local agents letting fees related to the first letting of the premises.
 
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