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Rental Income

The most common type of rental income is income generated from letting a house, flat, apartment, office, building etc.

Allowable Deductions

A person may claim a deduction from gross rent for legitimate property related expenses as follows:

  • Ground Rent
  • Rates
  • Maintenance
  • General Repairs
  • Insurance
  • Management Fees: paid to an agent e.g. rent collection
  • Service charges
  • Advertising for tenants
  • Accountants fees for preparing rental accounts
  • Wear and Tear - Depreciation of furniture and fittings
  • Interest - Relief is due for 75% of interest paid on loans to purchase, improve or repair a residential premises

Rent a Room Relief

Rent a Room Relief - where a room (or rooms) in a person's principal private residence is let as residential accommodation, gross annual rental income of up to €10,000 is exempt from tax. This does not affect an individual's entitlement to mortgage interest relief or CGT exemption for a principal private residence.