Tenancy Agreement Question

[thomastansb]

I got a question on TA and appreciate if anyone can advise me.

Is there any difference if I put 100% monthly rental under "rental of unit" or have a 50/50 or 70/30 split between "rental of unit" & "rental of furniture". Any implications on how I split them?

Thanks in advance

[devilplate]

I got a question on TA and appreciate if anyone can advise me.

Is there any difference if I put 100% monthly rental under "rental of unit" or have a 50/50 or 70/30 split between "rental of unit" & "rental of furniture". Any implications on how I split them?

Thanks in advance

I wanted to noe too....

I usually split about 70/30 if its f/furn

[proud owner]

I got a question on TA and appreciate if anyone can advise me.

Is there any difference if I put 100% monthly rental under "rental of unit" or have a 50/50 or 70/30 split between "rental of unit" & "rental of furniture". Any implications on how I split them?

Thanks in advance

it doesnt matter really

the split is for use as proof ..when u do yur income tax ...

according to IRA ...

furnitures are part of rental ... if you claim ...only one time ...
cannot claim every year .. if u have a 2 yr rental

have i been told correctly by IRA ?

[proud owner]

I wanted to noe too....

I usually split about 70/30 if its f/furn

i was also told
that if 30 pct = furnitures
and assume thats 1k

total 12k per yr ...

this 12k cannot be more than the cost of all the furnitures assuming u buy them all new ones

[devilplate]

it doesnt matter really

the split is for use as proof ..when u do yur income tax ...

according to IRA ...

furnitures are part of rental ... if you claim ...only one time ...
cannot claim every year .. if u have a 2 yr rental

have i been told correctly by IRA ?

I nvr claim anything b4 wor

Furnitures r not deductibles rite....

[DC33_2008]

I thought so too.

I nvr claim anything b4 wor

Furnitures r not deductibles rite....

[proud owner]

I nvr claim anything b4 wor

Furnitures r not deductibles rite....

do u report rental income?

furnitures can claim if they are replacement set ..meaning old one spoilt and need to replace/ repair ,,,that can claim ...to be deducted from rental income

[devilplate]

do u report rental income?

furnitures can claim if they are replacement set ..meaning old one spoilt and need to replace/ repair ,,,that can claim ...to be deducted from rental income

I nvr see this under the list of deductibles leh....

I tot i saw depreciation of furnitures is not deductible...

[dh]

Think furniture is deductible and also others like loan interest, prop tax, fire ins, maintain fee, repair cost and even agent fee I think.

Do chk iras website for details.

I nvr claim anything b4 wor

Furnitures r not deductibles rite....

[devilplate]

Think furniture is deductible and also others like loan interest, prop tax, fire ins, maintain fee, repair cost and even agent fee I think.

Do chk iras website for details.

Sorry to confuse u....

I meant i nvr claim any under furnitures for rental income....

The usual stuff got lah of coz

For agt comm, only subsequent ones is deductible....so meaning to say u goto keep agt receipt even for the 1st time

For claims under repair work, 1st time cannot claim too

[amk]

furnitures can claim if they are replacement set ..meaning old one spoilt and need to replace/ repair ,,,that can claim ...to be deducted from rental income

u sure ? shall I report u to IRAS ?

the only claimable cost related to furniture is when you RENT them from a COMPANY, and of course you need to produce the invoices for the RENTAL of these furniture. If you buy those furniture you cannot claim the cost.

[devilplate]

u sure ? shall I report u to IRAS ?

the only claimable cost related to furniture is when you RENT them from a COMPANY, and of course you need to produce the invoices for the RENTAL of these furniture. If you buy those furniture you cannot claim the cost.

Yeah...i tot i so goondo nvr claim....all the white goods like fridge,oven cannot claim too....only like repainting, plumbing etc can claim

[devilplate]

I got a question on TA and appreciate if anyone can advise me.

Is there any difference if I put 100% monthly rental under "rental of unit" or have a 50/50 or 70/30 split between "rental of unit" & "rental of furniture". Any implications on how I split them?

Thanks in advance

Now go bck to main topicc...

Wats the implications if any?

My guess is tat it may affect the chief valuer assessment of ur ppty tax

[dh]

Actually can I just call iras cos I plan to claim. Not for New capital purchase but if u existingly owned, eg broke dn, replacement of similar range of product is deductible. Example checked is fridge.

u sure ? shall I report u to IRAS ?

the only claimable cost related to furniture is when you RENT them from a COMPANY, and of course you need to produce the invoices for the RENTAL of these furniture. If you buy those furniture you cannot claim the cost.

[devilplate]

Actually can I just call iras cos I plan to claim. Not for New capital purchase but if u existingly owned, eg broke dn, replacement of similar range of product is deductible. Example checked is fridge.

Pls call n check it out and post ur findings over here ok?

Or u mean u just called n checked liao....

[dh]

Yup just called iras.

Pls call n check it out and post ur findings over here ok?

Or u mean u just called n checked liao....

[Localite]

I got a question on TA and appreciate if anyone can advise me.

Is there any difference if I put 100% monthly rental under "rental of unit" or have a 50/50 or 70/30 split between "rental of unit" & "rental of furniture". Any implications on how I split them?

Thanks in advance

No difference. Unless your furniture is rented, then you can deduct. But otherwise in most cases you have to declare full rental value and deductibles are agent comm, condo maintenance and any repairs / mortgage interest charges.

[thomastansb]

Thank you everybody for your valuable feedback

[lifeline]

according to accountant, cannot claim for agent's commission for 1st rental, but can claim for subsequent renewals. took his word.

just searched and details are here:
http://www.iras.gov.sg/irasHome/page04.aspx?id=160

but don't really understand this part:
3. Agent's commission, advertising and legal expenses for getting the first tenant of a subsequent property is deductible against the rental income of that property.
does it mean can claim relief for agent's commission for a 2nd property?

[acidic.straw]

according to accountant, cannot claim for agent's commission for 1st rental, but can claim for subsequent renewals. took his word.

just searched and details are here:
http://www.iras.gov.sg/irasHome/page04.aspx?id=160

but don't really understand this part:
3. Agent's commission, advertising and legal expenses for getting the first tenant of a subsequent property is deductible against the rental income of that property.
does it mean can claim relief for agent's commission for a 2nd property?

Think what it means is this:

If it's your first property & you rent it out the very first time, the agent's comm is not deductible. However,if you already own a property and you bought a second one and you rent it out for the very first time, you are allowed to claim the agent's comm as a deductible.

[acidic.straw]

I got a question on TA and appreciate if anyone can advise me.

Is there any difference if I put 100% monthly rental under "rental of unit" or have a 50/50 or 70/30 split between "rental of unit" & "rental of furniture". Any implications on how I split them?

Thanks in advance

There are no hard & fast rules but you usually do this when you need to rent furniture for your tenant and wants to claim the rental cost as deductible.

[ysyap]

Extremely confusing. Some say this and other say that. IRAS also not sure of the small details... For that bit of deductable, I'll save it and invest the time better in other stuff...

[bigbertha]

Don't know what i say holds water ... Anyway, here goes:

i think the valuation of the rented property is based on how much you can rent it out. So if everyone in the neighborhood declare 70/30 with rental=70% and furn=30%, it will "bring down" the valuation of the houses around that area (average out). When it comes to tax time for the property which is based on the valuation, it helps to lower what you pay on taxes ?

[devilplate]

Don't know what i say holds water ... Anyway, here goes:

i think the valuation of the rented property is based on how much you can rent it out. So if everyone in the neighborhood declare 70/30 with rental=70% and furn=30%, it will "bring down" the valuation of the houses around that area (average out). When it comes to tax time for the property which is based on the valuation, it helps to lower what you pay on taxes ?

Same tot...i mentioned tat it may affect the Av of ppty tax we r paying....

However, i m sure the chief valuer will hf its own set of data to analyse

[ysyap]

Bottomline... govt will not let you decide what you be tax and what you can't. They always decide therefore it is more like if you can get around the system...

[DC33_2008]

I have tried calling them asking IRAS about the NAV and they said that is based on the rental in that region. If you are not happy, you can appeal. Did not bother to do it. Authority has two "kou" (mouths) in chinese character and we have only one "kou".

Bottomline... govt will not let you decide what you be tax and what you can't. They always decide therefore it is more like if you can get around the system...

[pupboy]

I still have 6 months before my tenancy contract end. Can I secretly sub let the whole house(terrace) to a new tenant. Will my landlord suit me for doing this ?

Thanks

[hopeful]

I still have 6 months before my tenancy contract end. Can I secretly sub let the whole house(terrace) to a new tenant. Will my landlord suit me for doing this ?

Thanks

Please read your TA. If TA allows you to secretly sub let the whole house to a new tenant, then your landlord cannot suit you for doing this.

In addition, if your TA allows you to openly burn his whole house down without compensation, then your landlord also cannot suit you for burning his house down.

it all depends on your TA.

[Geylang OKT]

Please read your TA. If TA allows you to secretly sub let the whole house to a new tenant, then your landlord cannot suit you for doing this.

In addition, if your TA allows you to openly burn his whole house down without compensation, then your landlord also cannot suit you for burning his house down.

it all depends on your TA.

cheo kar pengz

[ysyap]

Please read your TA. If TA allows you to secretly sub let the whole house to a new tenant, then your landlord cannot suit you for doing this.

In addition, if your TA allows you to openly burn his whole house down without compensation, then your landlord also cannot suit you for burning his house down.

it all depends on your TA.

So since TA never talk about re subletting, so can lah... even tenants also can earn??? Huat ah! Can rent out all my units and rent one and still partially rent that one so in the end super huat ah!!!