(Reference: www.iras.gov.sg)
Rental income is taxable in Singapore.However, there are expenses that you can deduct from your rental income:
- Interest on mortgage loan
- Property tax
- Fire insurance
- Commission paid on getting a subsequent Tenant
- Cost of renewing a lease or getting a new Tenant and
- General repairs and monthly maintenance charges paid to the Management Committee
Below are expenses that cannot be deducted from your rental income:
- Any expenses incurred outside the tenancy period
- Mortgage or bank loan repayment i.e. the principal repayment
- Agent’s commission, advertising, legal costs for getting the firstTenant
- Depreciation of furniture and fittings and
- Cost of renovation, additions and alterations to the property
By Eileen Tan and Ui Wei Teck, property investors and authors of Enjoying Mid-Life Without Crisis. This tip and dozens more are from their book.
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