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 Calculate Rental income for tax, Rental income

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pisces88
post Apr 2 2025, 02:03 AM

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QUOTE(mushigen @ Apr 1 2025, 06:36 PM)
Tumpang, hope TS does not mind:

Q: if rental is less than  (loan interest+ maintenance fees), do we still need to report to LHDN, since we're making a "loss"?
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no need to report, as the e-filing dont have 'negative' amount to key in under the rental income. Just leave it blank and keep ur calculations if they audit.

This post has been edited by pisces88: Apr 2 2025, 02:03 AM
poweredbydiscuz
post Apr 2 2025, 07:31 AM

 
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QUOTE(mushigen @ Apr 1 2025, 06:36 PM)
Tumpang, hope TS does not mind:

Q: if rental is less than  (loan interest+ maintenance fees), do we still need to report to LHDN, since we're making a "loss"?
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Means your rental income is "0".
poweredbydiscuz
post Apr 2 2025, 07:35 AM

 
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QUOTE(jucl @ Apr 1 2025, 02:23 PM)
As my house only started to rent out in Aug, can i consider my housing loan interest from Jan to Dec 24 instead of taking only the interest from Aug 24 to Dec 24
This is because i tried to rent out my house but since no taker, house was empty for 7 months while interest continued to be paid to the bank
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You can only deduct interest from Aug 24 to Dec 24. Every deduction (cukai etc) also need to be prorated.
yhtan
post Apr 3 2025, 07:22 PM

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From: lolyat
QUOTE(jucl @ Apr 1 2025, 02:23 PM)
I have a question regarding calculation for net income of a residential rental property.
which is the correct way calculating the deduction

Income
Rental Condo (Jan-Dec 24) : 20400
Rental House ( Aug to Dec 24): 12,000
Total Income: 32400

Deduction A
Maintenance Condo (Jan to Dec): 6000
Interest on housing loan ( Aug to Dec 24): 10000
Net income: 32400 - (6000+10000)

Deduction B
Maintenance Condo: 6000
Interest on housing loan ( Jan to Dec 24): 24000
Net income: 32400 - (6000+24000)

As my house only started to rent out in Aug, can i consider my housing loan interest from Jan to Dec 24 instead of taking only the interest from Aug 24 to Dec 24
This is because i tried to rent out my house but since no taker, house was empty for 7 months while interest continued to be paid to the bank

Appreciate your advise

Thank you so much!!
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if non-business source (Section 4d) then apply A, if business source (section 4a) then apply B

the deduction on maintenance have to pro-rate from Aug-Dec'24, only the month where rental received only deductible against rental income.
JustForCheonging
post Apr 3 2025, 08:23 PM

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U pannai2 go deduct everything (deductible like maintenence fees, accessment fee etc) over with ur rental income, then "deduct" again so that it lowers ur taxable income
netflix2019
post Apr 3 2025, 08:28 PM

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QUOTE(pisces88 @ Apr 2 2025, 02:00 AM)
i kena audit before. i combined the total of all properties rental - all deductibles. its allowed.

if property A = rugi 1000

property B = untung 1000

then ur balance is 0.  :thumbsup:
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Thats what my bro told me. He handling all properties in family business.

The last time i kena audit i included every bill paid related to the property like roof repair, pipe, and indah water. I categorized clearly which is which and all receipt ready. They no ask anything about else and lepas me.
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