Tax Reduction Guidance with Examples

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The reduction is based on the actual cost of the travel. The amount of the deduction is in accordance with the decision made annually by the Tax Administration on the amount of the travel expense deduction (EUR 0.25 per kilometer in 2014) if the trip was made with one’s own car and the taxpayer has not determined the actual costs of the trip. Travel expenses deductible as income-generating expenses are not subject to the deduction restrictions related to the reduction of travel expenses between home and work.

Additional travel Costs

In addition to the actual travel costs, other actual travel expenses, such as accommodation costs and actual expenses for the increase in living expenses, can also be deducted from the rental income. A schematic deduction from the daily allowance or meal allowance for increased living expenses cannot be made.

Furniture and household appliances

Acquisition costs for furniture and household appliances are deducted either as annual expenses or as depreciation. The acquisition cost of furniture and household appliances is in principle deducted as depreciation if its probable useful life is more than three years. However, the acquisition cost can be deducted as an annual expense if the acquisition cost of the furniture or household appliance does not exceed EUR 1,000. For example, the cost of replacing a stove or refrigerator costing up to € 1,000 can thus be deducted as an annual repair cost.

Removal is done on an item-by-item basis. The amount of depreciation shall not exceed 25 per cent of the residual expenditure of the furniture or household appliance. He can use the taxfyle for the proper tax submission here.

Example 4:One person has bought a 2,000 euro home appliance for an apartment he rented to Berta. The economic life of a household appliance is more than three years, so its acquisition cost is reduced by a maximum annual depreciation of 25 percent. In the year of purchase of the household appliance, he can deduct 25 per cent of the acquisition cost of the household appliance, i.e. EUR 500, after which the un-depreciated acquisition cost of the household appliance is EUR 1,500. The following year, hehich the un-depreciated acquisition cost is 1,125 euros.In the third year, the depreciation amount is a maximum of EUR 281.25 and the un-depreciated acquisition cost at the end of the tax year is EUR 843.75.

Conclusion

The non-depreciable acquisition cost of furniture and household appliances may be deducted as an annual expense in the tax year in which the non-depreciable acquisition cost does not exceed EUR 1,000 at the beginning of the tax year.

Example 5:  In the previous example, the applicant can deduct the remaining acquisition cost of the household appliance he has acquired in full in the fourth year as an annual expense, because the un-depreciated acquisition cost of the household appliance is 844.75 euros.

 

 

author

David Cohen

Rachel Cohen: Rachel is a sustainability consultant who blogs about corporate social responsibility and sustainable business practices.

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