Rental, Dividend and Deposit Interest Income,

Question 1

allowable deductions on rental income

Answer 1

• interest costs (for letting period ONLY)
• repairs and maintenance (!capital)
• insurance (for letting period ONLY)
• management costs
• capital allowances (12.5%)
• advertisement and legal fees

Question 2

what does RTB stand for

Answer 2

Residential Tenancies Board

Question 3

are furnishings for furnished rental properties allowed as part of expenses

Answer 3

no
CAPITAL ALLOWANCSE

Question 4

is interest on borrowings to buy a property to let eligible deductible expenditure

Answer 4

only if residential property

AND

registered with RTB

Question 5

is pre letting expenditure allowable

Answer 5

no

except for advertising and legal fees

Question 6

how does pre letting expenditure differ for previously vacant homes

Answer 6

expenses in 12 months before letting allowed up to €5000

BUT

clawback if not let within 4 years

Question 7

maximum income for rent a room scheme

Answer 7

€14,000

for rent and auxiliary expenses

Question 8

if there is a loss made on a property, how is this taxed

Answer 8

multiple properties - used to reduce income on those

one property - carried forward

Question 9

what is DIRT

Answer 9

a non refundable tax credit

Question 10

what happens to net DIRT

Answer 10

get now

Question 11

where does gross DIRT amount go

Answer 11

into Case IV income

Question 12

who is exempt from DIRT

Answer 12

permanently incapacitated

> 65 years old

Question 13

what is a credit union dividend

Answer 13

interest

Question 14

examples of income where DIRT is not deducted from interest

Answer 14

foreign

Question 15

in what schedule does Irish dividend income come under

Answer 15

Schedule F

Question 16

what does DWT stand for

Answer 16

Dividend withholding tax

Question 17

what is DWT

Answer 17

a non refundable tax credit

Question 18

what to do with covenant income

Answer 18

add 20% to tax liability