How to Make Your Tax Return on a Rental Property – Top 10 Tips

  1. You must file a tax return even if the revenue have not requested one from you
  2. A loss on a rental property cannot be offset against PAYE income
  3. A loss in one tax year can be carried forward to offset against rental profits in future years
  4. You must register with the PRTB in order to claim mortgage interest as an allowable expense
  5. Check you have claimed for all legitimate expenses
  6. Don’t forget to claim for wear and tear on capital items e.g. furniture, appliances etc
  7. Use a separate bank account for rental income and expenses (it makes it much easier to gather together the information you will need to file a tax return.
  8. Keep all receipts and invoices for expenses incurred during the tax year
  9. Remember you cannot claim your own time as an expense (for example if you cut the grass or do some decorating in the rental property)
  10. Consider hiring an accountant if you are not comfortable preparing and submitting you own tax return
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