Gross rent and allowable expenses
Gross rent includes premises, furniture and maintenance payments, forfeited deposits and relevant insurance recoveries. Deduct only qualifying income-producing expenses; acquisition-loan interest may qualify, but loan principal and capital improvements do not. Each co-owner declares the full property rent and expenses and indicates the legal ownership percentage. Partnership property follows Form P and partner-allocation reporting.
Deemed residential expenses
Eligible tenanted residential property can use 15% of gross rent as deemed expenses, plus qualifying mortgage interest, instead of actual expenses. The method must be consistent across tenanted residential properties. It is unavailable where no deductible expense other than mortgage interest arose, for income through a Singapore partnership or trust-held property, or for property approved for non-residential use. Non-residential rental uses actual expenses and five-year supporting records.
Rental losses and pre-filled information
Rental losses cannot offset employment or other income or be carried forward. IRAS permits a same-year offset against another property’s rental gain where all rented properties are let at market rates. Pre-filled rent comes from prior returns or e-stamping records and must be corrected for actual rent, tenancy periods and omitted properties.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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