15 November 2022
Is the RTB registration fee allowable against rental income?
Yes, the RTB registration is allowable against rental income.
There are a lot of expenses that you can claim in order to reduce your tax liability. Tax can be confusing, and many Landlords are unsure of their obligations and entitlements, meaning you often don’t claim back what you are entitled to and miss out on potential savings.
Other Allowable expenses may include:
- Insurance premiums against fire and public liability.
- Maintenance of your property such as cleaning, painting and decorating. You can deduct these costs as well as wear and tear expenses such as the price of furnishings and fittings.
- Repairs, such as rot treatment, mending windows, doors or roof slates.
- Property fees before you first rent out your property such as management/ agency, advertising, legal or accountancy fees.
- Cost of any service or goods you provide that are not repaid by your tenant (such as electricity, central heating, telephone, service charges, water and refuse collection).
- Certain mortgage protection policy premiums.
- Capital allowances.
- Expenses in between renting out the property in certain circumstances.
Note* Expected in the Finance Bill (not law at time of this article). The tax deduction for pre-letting expenses on vacant residential properties has doubled to €10,000 per property. The period of time a property must have been vacant to claim these expenses has been reduced from 12 months to 6 months. A Vacant Homes Tax (VHT) will be introduced in 2023.
There are a few expenses you can’t include on your list of expenses including:
- Post-letting expenses, i.e. expenses incurred after the final letting are not deductible.
- Interest you’re changed from the time you buy a property to when it’s first rented.
- Any cost for your own labour when carrying out repairs to the property.
- Stamp Duty.
- Local Property Tax (LPT).
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