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Tax Return on Rental Income

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  • 23-09-2015 8:08am
    #1
    WhyTheFace
    Registered Users Posts: 462 ✭✭


    Hi,

    I'm filling out a tax return for rental income for the first time.

    I had a tenant in the apt for two months before I registered with the PRTB. During this time I spent around 1,500e on renovations. Can I put this against my tax liability even though I had not registered with PRTB?

    Thanks in advance


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    #2
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    WhyTheFace wrote: »
    Hi,

    I'm filling out a tax return for rental income for the first time.

    I had a tenant in the apt for two months before I registered with the PRTB. During this time I spent around 1,500e on renovations. Can I put this against my tax liability even though I had not registered with PRTB?

    Thanks in advance

    So you told lies to the PRTB?


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    #3
    pwurple
    Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    This is the 2014 tax return I assume, as that's what is due now. Last year?

    I don't see why not. I had tenants before the PRTB existed, and I don't think I registered with them the second they appeared. Revenue is a separate entity. Declare your taxes and on you go.


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    #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,714 Mod ✭✭✭✭Henry Ford III


    http://www.revenue.ie/en/tax/it/leaflets/it70.html

    Pre letting expenses aren't allowable it seems.


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    #5
    Mrs OBumble
    Registered Users Posts: 25,967 ✭✭✭✭Mrs OBumble


    Yes. They don't check on timing, they just check you're registered. It's more important to have an audit trail of the income proving the tenant was paying during the time you incurred the expenses.


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    #6
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    Henry Ford III wrote: »
    http://www.revenue.ie/en/tax/it/leaflets/it70.html

    Pre letting expenses aren't allowable it seems.

    Its not a pre-letting expense, he was let just not PRTB registered.

    The PRTB have nothing to do with tax so just fill out your tax return taking into account income and expenses from the first day the tenant moved in.


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    #7
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,714 Mod ✭✭✭✭Henry Ford III


    Elise Purring Cobra wrote: »
    Its not a pre-letting expense, he was let just not PRTB registered.

    The PRTB have nothing to do with tax so just fill out your tax return taking into account income and expenses from the first day the tenant moved in.

    I agree with the 2nd paragraph, but "renovations" per se aren't allowable against rental income regardless of when they were incurred.

    Have a read of the Revenue's publication for clarification.


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    #8
    filbert the fox
    Registered Users Posts: 809 ✭✭✭filbert the fox


    Elise Purring Cobra wrote: »
    Its not a pre-letting expense, he was let just not PRTB registered.

    The PRTB have nothing to do with tax so just fill out your tax return taking into account income and expenses from the first day the tenant moved in.

    The PRTB have plenty to do with tax. If you're not registered you can't avail of the interest allowance for tax purposes. na!


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