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Yes/no question about property tax??

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  • 07-04-2013 10:22pm
    #1
    hawkelady
    Registered Users Posts: 1,357 ✭✭✭


    Hi, I was chatting with a friend of mine today about the upcoming property tax and she told me that if you work from home or are a LL you can write off /claim the LPT fee when you file returns at the end of the year!!!!
    I must say my gut is I don't believe it as I never heard of it in the media or papers but she was adamant that this is the case. Can you guys tell me if this is true as I work from home so I'd like to know
    Thank you.


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    #2
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    hawkelady wrote: »
    Hi, I was chatting with a friend of mine today about the upcoming property tax and she told me that if you work from home or are a LL you can write off /claim the LPT fee when you file returns at the end of the year!!!!
    I must say my gut is I don't believe it as I never heard of it in the media or papers but she was adamant that this is the case. Can you guys tell me if this is true as I work from home so I'd like to know
    Thank you.

    You could only offset part of it, the % of your home you use for business. I wouldnt go there, unless you are paying business rates on that %, and are willing to pay capital gains tax when you sell.


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    #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    As alluded to by Still Waters- if you're working from home and paying business rates- then, yes, a portion of the tax could be ascribed to the business, in the same manner as other taxes are ascribed to the property.

    Vis-a-vis renting out the property in full, at present it is not legislated that the Local Property Tax be deductable from gross rental income as an allowable expense, however, it has been widely announced that it is to be an allowable expense for landlords (aka, revenue neutral- for the landlord, and no additional increase in cost of ownership to be passed on to tenants).

    Its a tough one- unless you're actually paying rates already- I wouldn't go down the road of trying to offset a portion of the tax.


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