landlord tax returns and property services

Slide 1

Capital Allowances

What are Capital Allowances and how do they relate to my Rental Income?
Capital Allowances are one of the most overlooked expenses by landlords. The most common example of a capital allowance is furniture purchased to initially furnish a rental property.

The total cost of this furniture cannot be written off in one go, instead the expense is claimed over a number of years, hence the idea of Capital Allowance.

Other costs such as purchase of white goods (fridge, freezer, dishwasher, etc), purchase and fitting of carpets/wooden floors and large expenditure items fall into the area of Capital Allowances

How much can be claimed?
The current capital allowance is 12.5% of the cost over 8 years. For example, if you purchase a suite of furniture for €1,000 a capital allowance of €125 per year can be off-set against the rental income for tax purposes for the next 8 years.

The documents/receipts relating to these costs must be retained for a period of 6 years, as per Revenue.

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