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 to 80%.
From 1st January 2016, a 100% deduction is allowable in certain cases. It is in respect of residential property which is let for a period of 3 years to a tenant or tenants in receipt of certain social housing supports.
Relief for the additional deductions in respect of the three year period is by way of a claim to the Revenue after the end of the period.