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The tax treatment of damage compensation from a rented property and deductibility of repair costs is queried. The DGT states that the compensation is rental income from capital and may benefit from the 30% reduction for irregular rents, while repair costs are deductible if used to generate income.
Question raised: Taxation of the compensation once received and whether the expenses for property repairs and furniture replacement can be deducted, whether disbursed before the receipt of the compensation or paid subsequently.
Compensation for damages and defects is considered income from real estate capital and is imputed to the period in which the judicial ruling becomes final. If it is imputed in a single period, the 30% reduction for notoriously irregular income may be applied. Repair and maintenance expenses are deductible provided they are not improvements or expansions and are aimed at obtaining future income. The deductible amount cannot exceed the total income for the period, and the excess may be offset in the following four years.
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