Tuesday, 24 February 2009
Department of Finance
Question 155: To ask the Minister for Finance if it is possible for a person who has incurred losses on a rental property as a result of refurbishment expenses to set that off against their PAYE income; and the circumstances in which it is possible to make such a write off. [7222/09]
I am informed by the Revenue Commissioners that in a rental situation, where allowable expenses exceed rents, the loss can only be used to reduce a person's taxable rental income from Irish sources in years subsequent to that in which the loss arose. There are no circumstances in which a rental loss can be set off against a person's PAYE income.