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Deducting repairs from tax bill

MangledBadger · 2011-04-07 19:54:39

As a landlord I need to make some repairs that could be expensive - basically, remove part of downstairs ceiling to get at leaky pipes. Normally, repair expenses can be deducted from rental income when paying tax. Is there a max limit for expenses - the expenses could be a significant portion of rental profit

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07-04-2011 8:54pm

#1

MangledBadger

Closed Accounts Posts: 8 ✭

Join Date: February 2009

Posts: 4

As a landlord I need to make some repairs that could be expensive - basically, remove part of downstairs ceiling to get at leaky pipes. Normally, repair expenses can be deducted from rental income when paying tax.
Is there a max limit for expenses - the expenses could be a significant portion of rental profit

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#2 07-04-2011 10:54pm
nompere

Registered Users Posts: 1,677 ✭✭✭

Join Date: December 2006

Posts: 1646

If they are repairs then there's no limit. If the repairs cost more then the rents then you can carry the loss forward to reduce net year's rents.

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#3 08-04-2011 9:06am
MangledBadger

Closed Accounts Posts: 8 ✭

Join Date: February 2009

Posts: 4

Cheers nompere,
MB

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