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Budget 2016 Property Tax allowable expese

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  • 13-10-2015 5:42pm
    #1
    lotusm
    Registered Users Posts: 313 ✭✭


    Hello,

    was there any mention in the budget that landlords can write off the property tax as an allowable expenses for tax purposes or will we have to take the hit yet again. by the way I am a reluctant landlord and renting out my negative price property


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    #2
    L1011
    Registered Users Posts: 68,910 ✭✭✭✭L1011


    No.


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    #3
    tina1040
    Registered Users Posts: 478 ✭✭tina1040


    Property tax is tax, not an expense so wouldn't ever expect to deduct it.


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    #4
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,385 CMod ✭✭✭✭Pawwed Rig


    tina1040 wrote: »
    Property tax is tax, not an expense so wouldn't ever expect to deduct it.

    Michael Noonan has previously indicated that he may allow it as a deduction. No mention today though.
    Taxes are often a deductible expense. VAT for example is deducted by most landlords as is stamp duty on Capital gains on the sale of assets.


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    #5
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    tina1040 wrote: »
    Property tax is tax, not an expense so wouldn't ever expect to deduct it.

    I heard from a tax expert, than although Revenue never said you coudlnt or didn't say you could write it off as an expense. Arent when there was council taxes, they were tax deductible and that provision was never remove. So in this guys opinion this tax is also tax deductible.


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    #6
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    Deduct it every year.


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    #7
    ted1
    Registered Users Posts: 23,536 ✭✭✭✭ted1


    lotusm wrote: »
    Hello,

    was there any mention in the budget that landlords can write off the property tax as an allowable expenses for tax purposes or will we have to take the hit yet again. by the way I am a reluctant landlord and renting out my negative price property

    That stuff is normally dealt with in the finance bill a few days later


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    #8
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,385 CMod ✭✭✭✭Pawwed Rig


    newacc2015 wrote: »
    I heard from a tax expert, than although Revenue never said you coudlnt or didn't say you could write it off as an expense. Arent when there was council taxes, they were tax deductible and that provision was never remove. So in this guys opinion this tax is also tax deductible.

    They have been explicit and clear in asserting that it is not deductible as has the minister for Finance. I question your 'experts' expertise. That said it is self assessment so deduct it if you like but if you are audited you are filing a false return.


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