(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.