Irish rental income
What expenses are not allowed?
You cannot deduct the following expenses when you are calculating your rental profit or loss:
- pre-letting expenses, other than property fees before you first rented out the property. However certain pre-letting expenses on vacant residential property may be deductible.
- post-letting expenses
- capital expenses on property improvements unless allowed under an incentive scheme
- expenses on premises rented out on an uneconomic basis, where it is not possible to make a profit from the rent received
- expenses in between renting out the property in certain circumstances
- interest from the time you buy the property up until it is first rented out
- Local Property Tax (LPT)
- any cost for your own labour when carrying out repairs to the property.
Next: How do you calculate your taxable income?