Claiming Property Expenses in Kilkenny

Posted on 3 November 2019

It’s that time of year again when the taxman comes knocking at your door. Nobody likes paying tax, unfortunately thats just one of the terms of living life in Ireland! We pay too much tax, I hear you say!

There is some good news when it comes to paying annual tax to the revenue commissioners. They are not such a bad lot you know! Did you know that the majority of expenses incurred when looking after your property are offsetable against your annual tax bill.

Your estate agency letting fees are just one of the expenses that can be offset. We went on to to check out just some of the items that you as a Kilkenny landlord may be entitled to.

Allowable expenses include:

  • rates you pay to a local authority for the property
  • rents you pay for property such as ground rents
  • insurance premiums against fire and public liability
  • maintenance of your property such as cleaning, painting and decorating
  • property fees before you first rent out your property such as management, advertising, legal or accountancy fees
  • cost of any service or goods you provide that are not repaid by your tenant (such as electricity, central heating, telephone, service charges, water and refuse collection).
  • certain mortgage protection policy premiums
  • expenses in between renting out the property in certain circumstances
  • capital allowances
  • repairs, such as rot treatment, mending windows, doors or machines
  • certain pre-letting expenses on vacant residential property
  • the cost of registering with the Residential Tenancies Board (RTB).

You must keep full and accurate records of all expenses for each property you rent out.

Warren McCreery BSc (Val.Surv.) MRICS MSCSI