Rental Income Tax

[Foxirl]

Hi,

I hope to rent out my house from January of next year.
I understand the Capital Gains Tax implications if I decide to sell in the future and also understant the Rental Income Tax.

The only thing I am not sure of is the Wear an Tear expense that you can claim on Furniture.
As my house is already furnished and I do not have the receipts any more will I be able to give a rough estimate of the price and then calculate the expense by multiplying by 12.5 % for the next 8 years.

Can someone explain exactly how this works.

Thanks

 

[asdfg]

I hope to rent out my house from January of next year.

Hope you own the house for at least five years otherwise stamp duty clawback applies

Afaia revenue will allow a reasonable estimate for furniture and fittings.

 

[Foxirl]

Hi,

Have the house for 10 years and had to pay Stamp Duty Back then so clawback is not an issue.

How do you even go about estimating contents. Would you calculate it as a % of the house value similar to insurance purposes.

Thanks

 

[asdfg]

If you have not upgraded the house at all in ten years then the value of the contents would be very little.
The best thing to do would be to go around each room and write down the
approximate replacement cost of each item and roughly how old the items are. If they are really ten years old then discount them by approx half or whatever figure you are comfortable with.