Article
Landlord Guide
Guide for those that own a Rental Property
What's Inside?
Do you own a rental property? This comprehensive guide provides Tax & Accountancy advice just for you.
This guide will discuss the following:
- How to Register
- Claiming Expenses
- Capital Allowances
- Foreign Rental Income
- Capital Gains Tax
Frequently Asked Questions
If you are an Irish resident, any rental income earned on an overseas property will also be subject to the Irish tax regime. You will be able to claim deductions to reduce your rental profit in the same manner as you would for your Irish property.
No, Local Property Tax (LPT) cannot be claimed as a deduction from your rental profit.
You need to make a Tax Return on your investment property regardless of whether it is profit or loss making. However, you should know that if you make a loss in one year this loss can be carried forward to reduce any future rental profits hence lowering your tax bill.
You may be able to reduce your taxable profit by claiming rental expenses incurred such as mortgage interest, repairs and maintenance, insurance and accountancy fees.
Capital allowances are an annual allowance for expenses incurred on capital items. An example of a capital item would be if you purchase a new boiler. Because this is considered a capital item for the property, the cost of this will be allowed over eight years.
If you sell a property which is not your principal private residence you will be liable to capital gains tax (CGT) on any gain you make on the sale.
As part of Budget 2024 the Minister introduced a new landlord tax relief for the years 2024 to 2027. For these years, tax relief at the standard rate of tax will apply to a certain amount of rental income. Find out more
NLWT stands for Non-Resident Landlord Withholding Tax. The new NLWT system enables tenants or collection agents to make Rental Notifications (RN) when making payments to a non-resident landlord.
Date published 16 Jul 2019 | Last updated 23 Jun 2021
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.Choose the right accounting firm for you
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