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Interest expense on rental income?

  • 11-02-2015 03:28PM
    #1
    Lemlin
    Registered Users, Registered Users 2 Posts: 22,256 ✭✭✭✭


    Hi folks

    I'm currently about to complete form 12 for the year as I have a rental property. Am I correct in thinking I can claim up to 75% of the interest as an expense? e.g. if the interest is 4,000 for the year, I can include 3,000 as an expense.

    Also, if the account shows I made a loss on the property for the year e.g. expenses outweigh rental income by €500, will this effect my credits by increasing them as it comes off my wages or is the loss just ignored?


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Lemlin wrote: »
    Hi folks

    I'm currently about to complete form 12 for the year as I have a rental property. Am I correct in thinking I can claim up to 75% of the interest as an expense? e.g. if the interest is 4,000 for the year, I can include 3,000 as an expense.

    Also, if the account shows I made a loss on the property for the year e.g. expenses outweigh rental income by €500, will this effect my credits by increasing them as it comes off my wages or is the loss just ignored?

    Assuming that its a residential property you can claim up to 75% of the interest as expenses.

    The loss is carried forward against future profits, there is a box on the form for losses carried forward (make sure to fill this in). Next year you have to fill in losses brought forward from previous periods, loss for the year and losses carried forward.


  • #3
    Lemlin
    Registered Users, Registered Users 2 Posts: 22,256 ✭✭✭✭Lemlin


    CIARAN_BOYLE wrote: »
    Assuming that its a residential property you can claim up to 75% of the interest as expenses.

    The loss is carried forward against future profits, there is a box on the form for losses carried forward (make sure to fill this in). Next year you have to fill in losses brought forward from previous periods, loss for the year and losses carried forward.

    Thanks for your help.


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