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Allowable deductions from rental property income

Posted 12 August 2013 under Tax Q&A


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Hi there,

Which expenses may be deducted from rental income? Repairs, levy, rates & taxes?
Also, for this particular property, we lived there for 6 months of the year, so can we claim 100% of the expenses incurred for repairs even though we only earned rental income for 3 months of the tax year?

Also, my husband and I are both owners of this property, can I include this property on my tax return only or do we need to split the gain/loss made?

Thank you! Liezel

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TaxTim TaxTim says:
13 August 2013 at 12:30

If you are joint owners then you would only include half of the income and expenses for the property. You would only be able to claim the expenses, which can be anything incurred related to the earning of the income, for the period that you were actively seeking to find a tenant and when the property was rented out. You cannot claim for the period which you lived in the house as this was not considered rental property at that point.


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