I hope you didn't make the classic mistake of deducting capital repayments to determine profits.
Yes, you are confusing profit and cashflow.Am I thinking about this all wrong?
It's probably worth noting that 80% of interest payments in 2017 are deductible, 85% in 2018, 90% in 2019, 95% in 2020 and full deductibility will be restored for interest payments in 2021.Now, the Revenue only allow 75% of the interest.
Plus this will be another allowable expense for your rental income.just go to any accountant who can do the sums
You know, if you are not already maxing out your pension AVC and have employment income, you could do an AVC to generate a tax credit which may offset the tax due on the rental income.
Suggest you get it pronto!I don't have Landlord's insurance
Yes, it's all our furniture.
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