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IR2.2.1ÌýÌýÌýÌý Rental property owned by individuals

Net profit arising from a rental property is taxed at an individual's marginal income tax rate (see IR1.5.1). Universal Social Charge (USC, see IR1.3.1) is also charged on rental profit after deductible expenses but before capital allowances. Pay Related Social Insurance (PRSI, see IR1.7) may be payable on the rental income, depending on the landlord's personal circumstances.

Deductions in arriving at net rental profit include:

1. Ìý

   •ÌýÌýÌýÌý rates

2. Ìý

   •ÌýÌýÌýÌý management fees

3. Ìý

   •ÌýÌýÌýÌý maintenance

4. Ìý

   •ÌýÌýÌýÌý insurance

5. Ìý

   •ÌýÌýÌýÌý certain legal and accountancy fees

6. Ìý

   •ÌýÌýÌýÌý repairs

7. Ìý

   •ÌýÌýÌýÌý wear and tear on furniture and fittings

CA 1997, s 105 denies a deduction for certain pre-letting expenses incurred before the date of the first letting.

A tax deduction, up to a maximum of EUR 10,000, is available in respect of expenses incurred on a residential premises that has been vacant for at least 12 months and is rented to tenants during the period 25 December 2017 to 31 December 2024.