A: You will need to calculate the rental profit for each property separately first. This can be done by taking the income for each property and deducting the relevant costs for each, such as mortgage interest incurred (75%), accountancy fees, repairs and maintenance, letting agent fees etc. Once this is done you will be left with the profit or loss for each property, you can then at this point add altogether to calculate the overall profit/loss.
It should be noted though that foreign properties should not be included in this calculation, only Irish Properties.
If you incur an overall loss this can be carried forward against future Irish rental profits indefinitely. It cannot be offset against other sources of income.
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.