DEDUCTIBILITY OF LOAN INTEREST AGAINST RENTAL INCOME

Interest on borrowed money is allowable as an expense against rental income. The borrowed monies must have been used for the purchase, improvement or repair of the rented premises. Only 75% of the interest due for the year is allowable. From 01.01.17 this rises to 80% From 1st January 2016 where the rental property is … Read moreDEDUCTIBILITY OF LOAN INTEREST AGAINST RENTAL INCOME

RENTAL INCOME – CLAIMING INTEREST ON BORROWINGS AS A RENTAL EXPENSE

It may be possible to claim interest payable on your rental property as a rental expense.   Interest on money borrowed to purchase, improve or repair let property is deductible as a rental expense in computing your rental income for tax purposes. It is restricted to 75% of the interest accruing. From 01.01.17 this increases … Read moreRENTAL INCOME – CLAIMING INTEREST ON BORROWINGS AS A RENTAL EXPENSE

NON PRINCIPAL PRIVATE RESIDENCE CHARGE 2014 PENALTIES

The Non Principal Private Residence Charge (NPPR) was introduced by The Local Government (Charges) Act 2009. It imposed a €200 annual charge on non principal private residences,payable by the owners to the local authority in whose area the property concerned is located. With the introduction of the Local Property Tax in 2013 the NPPR charge … Read moreNON PRINCIPAL PRIVATE RESIDENCE CHARGE 2014 PENALTIES