A; If you have incurred a loss on your rental property in previous years, this can now be brought forward when preparing your 2014 tax return. The loss can be offset against your 2014 rental income to reduce the taxable profit. Any unused loss in 2014 can then be carried forward for future offset. Losses forward can be very useful to have as the tax on rental profits can equate to approximately 52%, depending on how much your other earnings are.
Unfortunately Irish rental losses can only be offset against Irish rental profits in the year, or carried forward to offset against future rental profits. They cannot be offset against other sources of income (such as Employment income/foreign rental profits/deposit interest income).
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