Refurbishment of investment property

H

Haille

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I intend to complete purchase of investment property in 2 weeks. I intend to let it on short term basis. I hope change existing floor coverings carpets to laminate in the near future.Will I be able to write off as expenses costs incurred against tax on rental income.If I change now will I not be able to.
 
Expenses are classified as capital or expenditure.

Capital expenses are added to the original cost when calculating the gain, if any, when the property is disposed of.

Expenditure expenses incurred after the first letting can be offset against rental income.

I think that www.revenue.ie has a guide detailing which are capital and which are expenditure.
 
No advice re: expenses, but please don't do laminate. It is so tacky and looks cheap. For not much more you can put down timber (even semi solid). Or if your floors are decent deal or pine, you can sand them! Even renters are discerning about decor and a good look will draw them in.


Haille said:
I intend to complete purchase of investment property in 2 weeks. I intend to let it on short term basis. I hope change existing floor coverings carpets to laminate in the near future.Will I be able to write off as expenses costs incurred against tax on rental income.If I change now will I not be able to.
Click to expand...
 
No advice re: expenses, but please don't do laminate. It is so tacky and looks cheap. For not much more you can put down timber (even semi solid).
Click to expand...
Sure if it is your own property to live in but if it is to be rented out laminate would be far better..
 
ONLY expenditure after the first letting is allowable by Revenue for annual tax writeoff - otherwise that lump sum up front before the first letting (they ask for leases during audit) can only be tax offset against final CGT like stamp duty can - have you done all your sums on a tax paid basis - not many properties wash their face today and capital appreciation is unlikely
 
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