Small Farm - Can I put shed build against my paye salary over 7 years

farmnewbey · 11-11-2022 12:49pm #1

Hi,

Apologies if this is not the correct forum, I am planning on building a farm shed to rent out, can I put the cost of the shed against my paye tax over 7 years? I dont think I will get much rental income from the shed maybe 1-2k which I will pay return.

Thanks

minerleague · 11-11-2022 1:00pm

Have you a farm income? If yes you could put cost of shed against any income ( creating a loss ) to offset against off- farm income.

wrangler · 11-11-2022 1:26pm

https://www.boards.ie/discussion/comment/119861212#Comment_119861212

Apparently you can only offset a loss for three consecutive years, or so my accountant tells me,

I have to get back to him on this yet

KAMG · 11-11-2022 2:25pm

https://www.boards.ie/discussion/comment/119861338#Comment_119861338

This is correct. You need to have a profit in a year after the 3rd consecutive year of losses to allow you to claim losses in years after that. So, 3 years in a row is maximum you can claim losses if no profit.

wrangler · 11-11-2022 2:33pm

https://www.boards.ie/discussion/comment/119861582#Comment_119861582

It sounds unfair but I'm benefitting from a tax free lease so can't really complain...... just wasn't expecting it.

Small Farm - Can I put shed build against my paye salary over 7 years

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