F49 Appendix C Income from Property Rental – 2005
Inland Revenue Department – Government of Antigua and Barbuda
Appendix C: Income from Property Rental
Use Schedule C1 to record the list of properties from which you received or accrued rental income. Attach Appendix C to your F49 Personal
Income Tax Return. You must maintain records, including all claimed expense receipts, in a proper manner for each of your properties.
Schedule C1: Net Rental Income Calculation
Report the total amount from column H to line 90 (Total net rental income) of your F49 Annual Personal Income Tax Return. To determine the
Wear and Tear (Column G), please complete the Schedule C2.
Wear & Tear
Schedule C2: Wear and tear (depreciation) calculation
Report the wear and tear charge calculated in column E below on the line corresponding to your asset in the Schedule C1. The maximum
depreciation rate on buildings is 2 % and must be applied against the value of the asset at the end of the last tax year. You can claim any
depreciation charge as long as the charge is equal to or less than the maximum amount (2% of last year fiscal value). For the first and last year,
you must prorate the wear and tear charge on the number of months you owned the asset. You cannot claim a depreciation charge for a property
that would exceed the difference between Revenue (gross rent) and total of expenses, e.g. you cannot create a loss with a wear and tear charge,
and you cannot take the charge if you already have a loss on the Net Rental Income (Schedule C1 Column H).
Category of Asset