What information do I need to calculate the taxes I owe on my rental property?

In order to calculate the taxes you need to pay on the income earned on your rental property you firstly need details of the income earned each month and payable by your tenants.

You also need details of all of the costs associated with the property including:

• Insurance premiums against fire and public liability
• Maintenance of your property such as cleaning, painting and decorating
• Repairs, such as rot treatment, mending windows, doors or machines
• Mortgage interest: from 1 January 2018, you can deduct 85% of the interest paid on your mortgage on a rental property. For 2019, the figure has increased to 100%.

 

Your 2018 tax return must be filed and any liabilities paid by 31 October 2019. This deadline is extended to 12 November 2019 where you file your return and pay the liability using Revenue’s Online Service (ROS)

Read more about how we can help Landlords here

 

Date published 28 Aug 2019

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.