Rental Wear and Tear

[Stetuck]

Hi all

In 2003 I purchased an apartment which I thought would be my home for a number of years. I am considering a job offer and am looking into renting the property.

I need to know if the expenditure I incurred in 2003 would qualify for wear and tear allowance in this year. I have done some research on it and am not too sure where I need to go for information. I am guessing that the two years I used the apartment will be deemed wear and tear and will reduce the number of years in my claim. Does anyone know if I can make such a claim and is there a Revenue publication I can refer to?

Steph

 

[delgirl]

Information as to what is allowable against rental income is available in [broken link removed].

If you have used the furnishings and fittings for 3 years, you are still entitled to avail of the wear and tear allowance at 12.5% over 8 years, from the commencement of the tenancy, on the current value of the items.

Make a detailed inventory and estmate the value of each item. As long as you do not overestimate, there shouldn't be a problem with Revenue. You do not have to submit the inventory with your return, just keep it in case they request it.

 

[Howitzer]

If you have used the furnishings and fittings for 3 years, you are still entitled to avail of the wear and tear allowance at 12.5% over 8 years, from the commencement of the tenancy, on the current value of the items.

Make a detailed inventory and estmate the value of each item. As long as you do not overestimate, there shouldn't be a problem with Revenue. You do not have to submit the inventory with your return, just keep it in case they request it.

I would have thought the current value of items would bear very little relation to the original value, and in some instances would be virtually worthless. 2nd hand household items would be very hard to value in Ireland. The likes of http://www.jumbletown.ie/ would indicate that the market for 2nd hand goods is very low and people would almost be prepared to pay people to take things away. Depends on the item and it's condition of course.