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Revenue Form 12 Query - Wear & Tear / Capital allowance

caomhino · 2013-11-10 13:59:42

I'm referring to Revenues guide to rental income & Form 12. Can someone please tell me how "wear & tear" which calculated as 12.5% of furnishing costs should be entered in form 12 section 16 Should it be classed: A) as a capital allowance used after net rental income is calculated ? or B) as an "other" expense which is…

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10-11-2013 2:59pm

#1

caomhino

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I'm referring to Revenues guide to rental income & Form 12.

Can someone please tell me how "wear & tear" which calculated as 12.5% of furnishing costs should be entered in form 12 section 16

Should it be classed:
A) as a capital allowance used after net rental income is calculated ? or
as an "other" expense which is deductible from gross rental income before net rental income is derived ?

Looks to me that it should be "A". Any ideas ?

thanks

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#2 10-11-2013 7:58pm
The_Conductor

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Yes, A- and you're supposed to have proper documentary proof of the value of the item, when it was purchased etc (aka an original receipt, against which you base the value for depreciation).

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