We can prepare your rental Income tax returns, Rental Schedules, W& T Computations, and drafting of lease agreements for you.

Types of Rental Income

Rental income is

  • the letting of property, e.g. houses, flats, apartments, offices and farmland,
  • easements, e.g. payments for the right to erect advertising signs, communication transmitters or for the grant of a right of way,
  • the granting of sporting rights, such as fishing and shooting permits,
  • payments made by a tenant to defray the cost of work of maintenance or repairs to the premises, which is not required by the lease to be carried out by the tenant,
  • certain premiums, including deemed premiums and reverse premiums.
  • conacre letting
  • service charges in respect of services ancillary to the occupation of property,
  • insurance recoveries under policies providing cover against non-payment of rent.


Allowable Deductions

Edit What Expenditure Can Be Deducted?

Broadly speaking, deductible expenditure is allowable only to the extent that it:

  • would be allowable if the receipt of rent were treated as the carrying on of a trade during the currency of the lease or during the period in which you were entitled to the rent,
  • is not of a capital nature, and
  • is incurred by you.

The following are examples of expenditure you may deduct when calculating your rental income or losses.

  • rents payable by the landlord in respect of the property, e.g. ground rent,
  • rates payable by you to a local authority in respect of the property,
  • the cost of any service or goods you provide and for which you do not receive separate payment from your tenant, e.g. gas, electricity, central heating, telephone rental, cable television, water and refuse collection,
  • maintenance of the property, e.g. cleaning and general servicing, exterior and interior painting and decorating,
  • insurance of the premises against fire, public liability insurance, etc.,
  • management, e.g. the actual cost of collection of rents and advertising for tenants, legal fees to cover the drawing up of leases or the issue of solicitors letters to tenants who default on payment of rent. Accountancy fees incurred for the purposes of preparing a rental account may also be deducted
  • Examples of common repairs
    1. damp and rot treatment,
    2. mending broken windows, doors, furniture and machines,
    3. replacing roof slates.

However, you may not claim a deduction for your own labour.

  • interest on money borrowed to purchase, improve or repair the let property
  • certain mortgage protection policy premiums,
  • expenditure incurred between lettings in certain circumstances,
  • allowances for capital expenditure may also be available.

Rent-a-Room Relief

You may be eligible for rent a room relief if you rent a room or rooms in your sole main residence as residential accommodation. To be eligible for this income tax exemption the gross rents and any sum for other services or meals supplied by you must not exceed the threshold for the year in question. (currently €12,000 per annum)