If you own a second property specifically for the rental market, there are many deductions you are allowed which can help reduce the tax you pay. They include:
-Rates
-Maintenance
-General expenses (excluding capital items)
-Insurance
-Advertising for Tenants
-Collection expenses
-Accountants fees
-Interest paid on loans to purchase, improve, or repair a residential premises
-Cost of any service or goods provided by the landlord, for which they do not receive a separate payment
-Legal expenses in drawing up leases
-Registration with Private Residential Tenancies Board.
-Wear & Tear allowances on capital items.
Thursday, April 8, 2010
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