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Tax Returns for Landlords

Do you rent out a property? Receive rental income?

Low deposit interest rates means that investing in property is an attractive investment. If you receive income from renting out a property, you need to file a tax return and declare your rental income even if you’re not living in Ireland. There are also other obligations including registering the tenancy with the Residential Tenancies Board (RTB).

Many landlords decide to prepare their own tax returns, often repeating the same simple mistakes on their tax returns each year, leading to wasted time and in some cases, wasted money due to unclaimed reliefs.

We will file your tax return for a flat annual fee with no hidden costs.

Allowable Deductions

An individual may claim a deduction from gross rent for the following legitimate property related expenses:

  • Ground rent
  • Maintenance
  • General Repairs (Capital Expenditure excluded)
  • Insurance
  • Management fees – fees paid to an agent e.g. rent collection
  • Service charges
  • Advertising for tenants
  • Accountants fees for preparing rental accounts and tax returns
  • Wear and Tear – Depreciation of furniture and fittings allowed at 12.5% per year over 8 years
  • Building Expenditure – in a Rental incentive area
  • Interest – Since 1st January 2019 100% of interest paid can be claimed on loans to purchase, improve or repair a residential premises.

What types of Rental Income are there?

  • Rental income from letting a house, flat, apartment, office, building etc., is the most common type
  • Income from easements i.e. if payment is received for the right to erect advertising signs, communication transmitters, conacre or grazing rights
  • Certain leases, normally on non-residential property such as a shop or warehouse, that require the payment of a premium by the tenant to the landlord. Where the lease granted if of less than 50 years, some of the premium charged will be treated as rent

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