Rental Income Expenses

S

Seiko

Registered User
Messages
24
Hi. Am I correct in saying that if you buy furnishings for the purpose of renting a property, but they are bought prior to the first letting then you cannot reduce your tax bill by these items?

Can you deduct Wear and Tear on furnishings purchased pre-letting?

Thanks

Seiko
 
Fixtures / Fittings / Equipment / Furnishings are allowable at 12.5% per annum over 8 years. Purchase prior to date of letting would not disqualify the expense. In fact, if you are renting a furnished property, then one would expect that the furnishings would all have to be purchased prior to the actual letting.
 
Thanks.

I was told that if you have to replace an item of F&F during a letting then you can write the cost off in full in the same Tax Year. Couldn't find anything about it on revenue.ie. Is this true or do you simply apply 12.5% Cap Allow to this also?

Seiko
 
Whatever about any answers that you get here you should also get independent, professional advice.
 
You must log in or register to reply here.
Back
Top