Short Story Situational Irony Essay - 867 Words

English 102 Situational irony is when a character’s actions have the opposite of their intended effect. There are clear instances of situational irony found in the short stories, â€Å"Prodigal Son†, â€Å"The Gift of the Magi†, and â€Å"The Yellow Wallpaper†. All of these stories have characters that found themselves in an unexpected circumstance. The biblical story, â€Å"Prodigal Son†, is about a father who plans to leave his sons an inheritance after he dies but his younger son asked his father for his share of the fortune early. The son was granted his money but knew he could no longer claim his family as his own. The young man moves to another country and lives a lavish lifestyle that only lasted a short while. He soon ran out of money†¦show more content†¦When she opened her gift from Jim, she was surprised with a set of beautiful combs she has had her eye on for a very long time. Jim had to sell his watch to buy her the combs, so he had no wat ch for his chain and she had no hair for her combs. The presents they bought for each other showed love and sacrifice and that’s better than any gift money could buy. The situational irony is that Della was selfless in giving up what she loved in order to give Jim something to better his most precious belonging just to find out he did the same for her. In the short story, â€Å"The Yellow Wallpaper†, there is a woman who’s physician husband, John, rented a house for the summer and puts her in an upstairs room so she can recover from temporary nervous depression. John believes if she does not strain herself with work she will rest up and be back to her normal, healthy self. His wife did not agree with this tactic and although she was not happy in the room she was forced to stay in all day, she stayed. She noticed her temper had gotten much worse with John as time went on and she struggled to maintain her happiness being stuck in the room with the ugly yellow wall paper. After weeks of being cooped up in the dingy room, she started to see things. She saw someone with a broken neck and bulbous eye that crawled all over the walls. She was upShow MoreRelatedThe Lottery Short Story847 Words   |  4 PagesIrony is defined as using language that often signifies the opposite of what is meant, and it is usually used for emphatic or humorous effect. In literature, there are three main types of irony: situational, verbal, and dramatic. â€Å"The Lottery† is a short story written by Shirley Jackson, and it is a great example of a story that uses all three types. Parts of the story and the whole story itself use irony to confuse but entertain the reader. Situational irony is defined as something happening thatRead MoreTheme Of Irony In Oedipus The King827 Words   |  4 Pagespresence of irony in â€Å"Myth† by Muriel Rukeyser, â€Å"My Oedipus Complex† by Frank O’Connor, and â€Å"Oedipus the King† by Sophocles link these three literary pieces together. However, each of the works utilize different forms of irony in different levels to specifically present their message. In Rukeyser’s short poem, the narrator uses verbal irony through Oedipus’ conversation with the Sphinx and dramatic irony through Oedipus’ shorthanded conclusions. O’Connor uses situational irony in his short story by presentingRead MoreIrony In The Cask Of Amontillado Analysis852 Words   |  4 PagesUse of Irony in â€Å"The Cask of Amontillado† Set in the gloomy, damp catacombs of the Montresor home, â€Å"The Cask of Amontillado† is anything but a pleasant tale of friends conversing over wine, yet the humor added by irony would suggest otherwise. Irony is used in everyday language when someone says something the exact opposite way they mean it. This short story displays the complex way irony can be used to further the plot of a story by adding twists in the plot the audience did not see coming. EdgarRead MoreIrony : The Story Of An Hour935 Words   |  4 PagesIrony is the â€Å"literacy language or literary style in which actions, events, or words are the opposite of what readers expect† (McWhorter 986). In the short story, â€Å"The Story of an Hour,† the author shows irony throughout to create a dramatic effect. She starts the story off with talking about a woman, Mrs. Mallard who has just lost her husband in a railroad accident. Throughout the start of the story, many details are revealed throug h dramatic iron and situational irony. Kate Chopin adds mysteryRead MoreYoung Goodman Brown And A Cask Of Amontillado Analysis1110 Words   |  5 PagesWithin the two short stories, irony scatters, adding to the overall grim theme. Although they use the same 3 types of irony, the authors use them differently and similarly at the same time. In Young Goodman Brown by Nathaniel Hawthorne and A Cask of Amontillado by Edgar Allen Poe, there are many examples of situational irony that are used comparably in both texts. Dramatic irony is the type of irony that informs the reader of a certain fact that one or more characters in the story may not know. ThisRead MoreSituational and Dramatic Irony in Story of an Hour, Everyday Use, The Necklace, and The Lottery844 Words   |  4 PagesIn the stories â€Å"Story of an Hour†, â€Å"Everyday Use†, â€Å"The Necklace†, and â€Å"The Lottery† it is evident that irony was quite a large part of the short story. There is situational irony, which is when the situation turns out differently than expected. Also, dramatic irony is present, which is when you as a reader knows more than the character. The authors seem to base their whole story around irony to surprise their readers. There are a couple of examples of situational irony that is apparent throughoutRead MoreAnalysis Of Kate Chopin s Story Of An Hour993 Words   |  4 PagesIrony in â€Å"Story of an Hour† In Kate Chopin’s short story â€Å"Story of an Hour†, Irony, or the expression of meaning that traditionally indicates the contrary of what is expected, plays a huge role in deciphering the theme and underlying motifs of the story that takes the reader through the hour of Mrs. Mallard’s life after her husband supposedly dies. Through Irony, Kate Chopin effectively portrays the forbidden joy of independence (SparkNotes Editors). The theme is portrayed by the author’s emphasisRead MoreAn Analysis of Kate Chopins The Story of an Hour850 Words   |  4 PagesThe short story â€Å"The Story of an Hour† by Kate Chopin is a famous piece of literature widely recognized throughout the entire literary world. It is about how a wife, Louise Mallard, hears the news of her husbands horrible train accident which ultimately led to his untimely death. The plot twist of this short story is that, in fact, her husband, Brently Mallard, is very much alive and comes h ome as if nothing happened. Mr. Mallard was not around the area of the accident or even knows of its occurrenceRead MoreRhetorical Analysis Of `` The Yellow Wallpaper `` By Charlotte Perkins Gilman894 Words   |  4 Pages Short story fiction is a story that is shorter than a novel, has a few characters, and is about an imaginary event or person. Because short fiction is short the writer must capture and hold the reader’s attention within the first paragraph, which requires a mastery of literary technique. Some of the most helpful tools to use in literature are literary devices. Literary devices are any element, subject, or concept that is present through an entire body of literature. If these devices didn t existRead MoreThe Possibility Of Evil, And The Lottery, By Shirley Jackson1102 Words   |  5 PagesIn short stories the author composes a compelling plot, with an ending that in someway either teaches the main character a lesson, or the reader themselves. Jackson acts as a master of literary devices, as she navigates the reader through intense scenes that evoke an emotional response to the experiences of the main character. In the short stories, â€Å"The Possibility of Evil† and à ¢â‚¬Å"The Lottery† by Shirley Jackson, she used the same three literary devices to grasp the reader’s attention from beginning

Human Resource Management ( Hr ) - 1499 Words

Human Resource Management (HR) is a function in an organisation aimed at maximizing employee performance in relation to the employer s set standards and strategic objectives. The primary focus of HR is concentrated upon the management of employees, and on the policies and systems within and outside the organisation. (Boxall Purcell, 2011). â€Å"Strategic Human Resource Management (SHRM) aims to align the functions and processes of HR with the strategic aims and objectives and competitive advantage of an organisation.† (Hartel, Fujimoto, Strybosch Fitzpatrick, 2006). After all, the key characteristic of HR is ‘integration.’ The role of HR and HR Professionals can be linked to four main SHRM theories, namely: Jackson Schuler (1995), Kochan Barocci (1985), Klatt, Murdich Schuster (1978) and Lundy Cowling (1996). According to Jackson Schuler’s theory; â€Å"a variety of macro-level environmental characteristics influence the adoption of particular organisational HR practices, policies and philosophies.† (Hartel et al., 2006). Therefore macro-level environmental factors such as: laws and regulations, politics and culture all need to be considered by the HR department or HR Professionals as these factors will ultimately influence the organisation’s performance and overall success. Jackson and Schuler’s model indicates how aspects such as the organisation’s size, structure, strategy, technology and life cycle stage determine what and how information is interpreted, howShow MoreRelatedHuman Resource Management ( Hr )1550 Words   |  7 PagesHuman Resource Management (HR) acts to serve a function which is aimed at maximizing the overall performance of a business and its employees in relation to the employer s set standards and strategic objectives. The primary focus of HR is concentrated upon the management of employees, and on the policies and systems within and outside the organisation. (Boxall Purcell, 2011). â€Å"Strategic Human Resource Management (SHRM) aims to align the functions and processes of HR with the strategic aims andRead MoreHuman Resource Management and Hr1030 Words   |  5 PagesThe report below sets out the importance of the HR function, explains how HR activities support the organisation’s strategy and ways HR support line managers and their staff. The HR Function is in a position to add value by proper formulation and implementations of the following activities and in turn support the organisation strategy. Recruitment and Selection Recruiting the wrong people can lead to a drop in productivity, lack of commitment, low morale, and rapid staff turnover, all of whichRead MoreHuman Resource Management And The Hr Department1532 Words   |  7 Pages Although Human Resource Management did begin as a administrative job, advancements in technology has increased a business’s resources to the point of needing this department to take on a more strategic role. The HR Department is or all intend and purposes the center point for the employees needs ranging from - payroll, benefits, vacation, as well as staying up to date with the legal matters. The roles the HR department have always been aimed at meeting the needs of the employee, with a strategicRead MoreHuman Resource Management : Hr Professionals1528 Words   |  7 Pagesmuch discussion about the issue of whether Human Resource (HR) roles can be integrated into the new position by the HR function in companies. Human Resource Management (HRM) can be defined as â€Å"a strategic, integrated and coherent approach to the employment, development and well-being of the people working in organizations† (Armstrong, 2014, p.5). HR professionals’ works are regarded as emp loyee training, recruitment, personnel administrative, reward management, service delivery, and organizational performanceRead MoreHuman Resource Management And The Hr Department955 Words   |  4 PagesHuman resource management is the key to a business that runs smoothly and efficiently. The people that run the HR department have to be knowledgeable in many capacities such as interviewing, training, accounting, and ensuring that everyone is performing their job duties in a high quality way. Recruitment of personnel is one of the main things that most think of when they hear human resource management. You can be guaranteed that anyone earning a paycheck in the building has gone through theRead MoreHr Field Of Human Resource Management1668 Words   |  7 PagesHR in the 21st century Introduction: As the business world journeyed into the 21st century, the traditional ways of handling many business aspects slowly drifted away. This â€Å"turn-of-the-century† brought a whole new way of how businesses operate and the departments within. These new ways of the business include the prominence of technology, the ongoing fight for diversity in the workplace, and expansion on globalization. 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(Account management, 2009) KPMG; HR management 1.They make available the required training development any staff need right from recruitment 2Read MoreHr Philosophy : Human Resource Management2225 Words   |  9 PagesHR Management Philosophy â€Å"Human Resource Management is a function in organizations designed to maximize employee performance in service of an employer’s strategic objectives.† (HR Course Book (1)) Thus, â€Å"HR philosophy is basically the guiding principle behind how your HR function executes on its vision, mission and goals.† (Wikipedia) It is inclusive of recruiting, interviewing, job offering or hiring, benefits, training, retention, policy and procedures, and promotions of it’s human capitalRead MoreHr Issues : Human Resource And Senior Management2851 Words   |  12 PagesHR issues have been common in many organizations. Productivity is one of the recent issues that a certain organization is facing. The level of production matters a lot in all organizations (Eden, 2015). This is the main aspect that an organization focuses and aims to achieve in its daily operations. The organization has met challenges as it tries to sustain its performance. Productivity managem ent involves the process of monitoring and developing activities in an organization to ensure that thereRead MoreHuman Resources Department Is Responsible For Performing Hr Management Essay1620 Words   |  7 PagesThe human-resources department is responsible for performing HR management. This includes overseeing numerous aspects of employment, such as compliance with labor laws, employee benefits, recruitment and retention just to name a few. According to APHSA (2016), there are four primary functions for which HR is responsible: Executing HR Administrative Functions; Developing Talent; Influencing Culture; and Influencing Direction. By executing HR admin functions the department; builds trust with administration

In-Work Benefits and the Nordic Model Free Essays

Abstract Welfare bene†¦ts in the Nordic countries are often tied to employment. We argue that this is one of the factors behind the success of the Nordic model, where a comprehensive welfare state is associated with high employment. In a general equilibrium setting, the underlining mechanism works through wage moderation and job creation. We will write a custom essay sample on In-Work Benefits and the Nordic Model or any similar topic only for you Order Now The bene†¦ts make it more important to hold a job, thus lower wages will be accepted, and more jobs created. Moreover, we show that the incentive to acquire higher education improves, further boosting employment in the long run. These positive e ¤ects help counteracting the negative impact of taxation. JEL codes: H24, J21, J24 Keywords: Nordic model, in-work bene†¦ts, wage adjustment, unemployment, education, skill formation, earnings 1 Introduction A prominent feature of the so-called Nordic model is a comprehensive welfare state †¦nanced by taxes on labor. In fact, the public sector in many We want to thank Torben Andersen, Martin Floden, Richard Freeman, Mathias Herzing, Eddie Lazear, Ethienne Lehman, Bruno van Linden, and participants at the Conference on the Economics of the Nordic Model. y Department of Economics, Stockholm University, S-106 91 Stockholm, Ph. +46 8 163547. Fax +46 8 161425, E-mail address: ann-so†¦e. kolm@ne. su. se z Economics Division, University of Southampton, UK; Economics Department, UniCredit Universities Fellow, Central European University, Budapest; and IZA, Bonn. Email address: m. tonin@soton. ac. uk 1 of the Nordic countries is responsible for the distribution and allocation of resources amounting to more than half of their country’ GDP (Eurostat, s 2012). With an emphasis on redistributional transfers and service provision †¦nanced by taxes on labor, a concern with the model is, of course, that it induces weak incentives to work. In a more long term perspective, such a system may also reduce incentives to acquire skills, with a negative impact on future pproduactivity and labor market outcomes. However, external observers are often surprised that the Nordic countries manage to combine low unemployment and high labor force participation with high taxes and generous welfare arrangements. So, how is this possible? One answer to this question is that many of the welfare arrangements in the Nordic countries are closely tied to market work. The generosity of the bene†¦ts are, in general, related to earnings. In addition, eligibility to a number of bene†¦ts and social services is conditional on employment. Subsidized childcare, for example, is, in principle, only available to employed workers. Also, some generous elements of the paid paren’tal leave schemes are only accessible to employed workers. In addition, the more recently introduced earned income tax credit is by de†¦nition exclusively targeted to employed workers. The idea is that these bene†¦ts, by increasing the returns from working, increase the supply of labor. The observation that the Nordic countries have sustained high economic aactivity because bene†¦ts are closely tied to market work is not new. In fact this was noted as a contributing factor to the high participation rate observed in Sweden when a group of NBER economists studied the Swedish welfare state in the mid 1990s (see Freeman et al. , 1997). This was also an important message in the discussion on the prospects and challenges of the Scandinavian model in Andersen (2008). The starting point for this paper is that entitlement to many of the bene†¦ts available in the Nordic countries is conditional on employment. As discussed above, this tends to increase the gains from working, which encourages labor supply. However, we argue that this is not the end of the story. To investigate the full impact of welfare state arrangements of this type, one needs to account for the general equilibrium e ¤ects. This is particularly relevant because many bene†¦ts have been available to the whole population for a long period of time. Clearly, to investigate the e ¤ects of these bene†¦ts on employment, which is an equilibrium outcome, both supply-side and demand-side factors must be iincluded in the analysis. Moreover, beside considering the equilibrium outcome for the existing workforce, it is important to account 2 or the impact of these bene†¦ts on incentives to acquire skills. The equilibrium composition of the workforce in terms of educational attainment is a crucial variable for the sustainability of the Nordic model, both in terms of its growth potential and international competitiveness (Andersen, 2008) and in terms of the political support for the welfare state (Hassler et al. , 2003). To carry out such an analysis, we develop a simple model of a non-clearing labor market featuring involuntary unemployment as an equilibrium outcome. Labor force participation is also endogenously determined. Moreover, individuals di ¤er in their ability to acquire education and choose educational attainments based on a cost-bene†¦t analysis. In particular, we focus on the choice between proceeding to higher, i. e. tertiary, education or not. The aim is to investigate the implications of bene†¦ts that are conditional on work on unemployment and labor force participation, accounting for their long term impact on educational attainments. We show that bene†¦ts available only to employed workers moderate wages, reduce unemployment rates, and increase labor force participation and employment. Moreover, one could expect that welfare bene†¦ts, even if conditional on work, could induce an outright reduction in education as they represent an important subsidy for low skilled workers. What we †¦nd instead is that the incentives to proceed to higher education are actually strengthened. This is a consequence of the relatively sthronger increase in labor market opportunities for highly educated workers that follow when wages are moderated. Wages, in turn, fall because workers are more willing to accept lower wages when bene†¦ts are conditional on work and thus the value of having a job is higher. Lower wages increase job creation and lower the unemployment rate. Thus, total employment increases for three sets of reasons. First, the bene†¦ts reduce the unemployment rate for workers at all educational levels. Second, more workers choose to proceed to higher education where expected unemployment spells are shorter. Third, as labor force participation increases with the bene†¦ts, a larger share of the population will be employed. We also look at the impact of bene†¦ts when they are †¦nanced through a proportional tax on wages. Taxation actually reinforces wage moderation and, as such, does not overrule that bene†¦ts reduce wages, increase job creation, and reduce unemployment rates. However, it weakens the incentives to acquire higher education and participate in the labor force, thus inducing a counteracting e ¤ect on educational attainment and labor force participation. The element of the Nordic model that this paper underlines is the wage moderation stemming from bene†¦ts conditional on work. Also, we †¦nd this 3 mechanism to be very robust to the choice of model. Moreover, looking at bene†¦ts through this channel highlights how they have a positive impact on educational attainment and participation, thus counteracting, at least partly, the negative e ¤ect that taxation has on skill acquisition and labor force participation. The analytical results are followed up with a numerical example illustrating the e ¤ects of the bene†¦ts on labor market performance and educational attainment. The simulations indicate that bene†¦ts can have an important impact on unemployment for both low- and high- skilled. Without distortinary taxation, bene†¦ts also have a positive impact on skill acquisition, thus further reducing overall unemployment in the long run. When †¦nancing through proportional taxation on wages is iincluded in the model, the negative e ¤ect of taxation on educational attainment dominates the positive e ¤ect of bene†¦ts, thus resulting in a decrease in the share of the workforce acquiring tertiary education. Nonetheless, bene†¦ts still have a positive overall impact on unemployment. Considering the previous literature, there are a number of studies that have tried to explain why the Nordic countries have performed so well despite high taxes and generous welfare arrangements. As mentioned, some of these studies have emphasized the importance of that bene†¦ts are tied to market work for the successful outcome in terms of employment and participation (see Aronsson and Walker, 1997). A related view is provided by Rogerson (2007). He argues that the governments’spending pattern in the Scandinavian countries, compared to other high tax countries, can potentially explain the large number of aggregate work hours observed in these countries. He shows, holding tax rates constant, that it matters if the revenue is spent on disability payments which may only be received when an individual does not work or subsidies for day care for working mothers. The reason is that childcare subsidies create jobs. Our study also †¦nds that how the government choose to spend tax revenues matters for labor market performance, although for a di ¤erent reason. In contrast to Rogerson (2007), our results materialize through general equilibrium e ¤ects working through wage moderation. There is also a large number of studies focusing on particular features of the welfare state in the Nordic countries, looking for instance at the impact of childcare subsidies and paid paren’tal leave schemes on labor supply and a number of other outcome variables. 1 In contrast to our study, this literature How to cite In-Work Benefits and the Nordic Model, Papers

Deductions and Tax Breaks-Free-Samples-Myassignmenthelp.com

Question: Your firm has a client who has been a Management Accountant for many years and is now also teaching part-time at TAFE, and has recently acquired a rental property. We prepared his Tax Return, sent it out for signature. He has sent the Tax Return back to us unsigned, saying that we had made an error in claiming a tax deduction for the interest and expenses for the first four months that he owned the rental property, as it was not earning income at the time, as it runs counter to the matching principle. Your Manager has asked you to prepare an essay exploring this issue. Answer: Introduction This paper sets out to examine principles of deductibility, income and tax accounting under the 1936 income tax Assessment Act of Australia. It shall also explore on security of income tax contrary to avoidance- and also tax nonpayment where the law requires it. In Australia, a persons home is exempt from any form of tax. However, investment property such as rental houses, property flipping amongst others have tax implications. Some of the taxes in this segment include goods and service tax (GST) and capital gains tax (CGT). If one rents out a property or invests in a rental property , he or she is required to keep records right from the start. In a tax return, one is supposed to work out the total amount of expenses that can be claimed as deductions(Engdahl, 2011). In this regard, when a property is disposed there is tax deducted for the capital gain. In this case, the property was not earning any income therefore, the property is still subject to capital gains tax. You cannot claim tax deductions because the property dis not generate any tax. However, costs of ownership can be included which can reduce liability brought by capital gains tax liability when you sell it. There are deductible expenses that are deducted from rental income(Woodson and Lewis, 2004). Deductible Expenses For the determination of the net return of the real estate capital, all the necessary expenses for obtaining it can be deducted from the full income, as well as the amounts destined to the amortization of the real estate and of the other assets assigned with it, provided that they respond to its depreciation. effectiv Expenses necessary to obtain the returns: interest and other financing expenses and conservation and repair expenses The following are considered among the expenses necessary to obtain the returns, among others: Interest and other financing expenses Interest and other financing costs of the foreign capital invested in the acquisition or improvement of the property, right or faculty of use or enjoyment as well as, as the case may be, of the assets transferred with the same(Lakshmanan, 2015). Conservation and repair The expenses of conservation and repair of the goods producing the yields are deductible. For these purposes, they have this consideration: a) Those carried out regularly in order to maintain the normal use of material goods, such as painting, renovation or arrangement of facilities. b) Replacement elements, such as heating installations, elevators, security doors or others. The amounts destined to the expansion or improvement of the assets are not deductible for this concept, as they constitute a higher acquisition value whose recovery is effected through the corresponding amortizations. The maximum total amount to be deducted for interest and other financing expenses and for conservation and repair expenses may not exceed, for each asset or right, the amount of the full income obtained(Papadimitriou, 2006).The excess may be deducted in the following four years, without exceeding, together with the expenses for these same concepts corresponding to each of these years, the amount of the total income obtained in each of them, for each good or right. The amount pending to be deducted from the years 2012, 2013, 2014 and 2015 will be applied in the 2016 statement with priority to the amounts corresponding to the same financial year 2016 for these same concepts. In the event that there are several leases in the year on the same property, the maximum limit of the amount to be deducted for interest and maintenance and repair costs must be computed taking into account the amounts paid in the year and the total income obtained in it, so that, for any of the lease contracts, the amount deducted for interest and conservation and repair costs could exceed the income obtained(Ricardo, n.d.). Other expenses necessary to obtain the returns Taxes and non-state surcharges Taxes and non-state surcharges are deductible, as well as state fees and surcharges, such as the IBI, fees for cleaning, garbage collection, lighting, etc., provided that: They affect the computed returns or the goods or rights that produce them. They do not have sanctioning character. Doubtful collections The balances of doubtful collection are deductible, provided that this circumstance is sufficiently justified. This circumstance is sufficiently justified: When the debtor is in a situation of bankruptcy.When between the moment of the first collection management carried out by the taxpayer and that of the end of the tax period, more than six months had elapsed, and it had not occurred a credit renewal. When a doubtful balance was collected subsequent to its deduction, it will be computed as income in the year in which said collection takes place. Non-Deductible Expenses They will not be deductible as an expense, among others: - Payments made for claims arising in real estate that result in decreases in the value of the taxpayer's assets. - The amount of the improvements made in real estate, without prejudice to the recovery of their cost through depreciation(Fishman, n.d.). Although far from other countries around us, little by little people are making the rental market grow towards the community average. The crisis has pushed many people to rent what used to be second propertys or, in the worst case, to rent their property to pay the mortgage while they agreed to a more modest residence. If you are among these people and you have not yet made the income statement as a property, we give you the keys so you know how much you will pay. And if you are thinking about renting your property, here you will find the information to know what percentage of your profit will be claimed by properties, with numbers and everything. What to do with the unpaid rent on the income statement. This is how rent for tax purposes works(Papadimitriou, 2006) Everyone knows how rent basically works: you pay an amount for the use of a certain good for a specific time. The case of property is not different. The tenant will pay an amount for being able to use a property during the period marked by the contract. What does change is that there is a specific legislation for rent, which is defined by the Urban Leasing Law and that determines different rental scenarios with their different tax implications. Tax Return back on Rental Property In the case of the lease for a habitual residence, there must always be a contract that, in addition, it will be necessary to deposit in the corresponding regional entity so that the tenant can deduct. For tax purposes, as a landlord you receive a series of income for your flat and you have to face a series of expenses. What the Treasury is interested in is the result of subtracting revenues from these expenses -as happens with the self-employed, for example(Woodson and Lewis, 2004)-. These expenditures are what are often erroneously denominated deductions for rental of property for the landlord and that are only the costs that the Treasury considers appropriate or logical to put the property for rent. When making the income statement you will only have to pay taxes for the difference between your income and your expenses, not for the total amount of the rent of your property(Ricardo, n.d.). What expenses can you deduct? In general, any expense derived from putting the property in rent can be included, although as it usually happens, the Treasury is something more specific and has a list that serves to guide the taxpayers(Woodson and Lewis, 2004). The specific elements marked by the Tax Agency are the following: Interest and financing costs of the capital invested in the acquisition or improvement of property. In other words, the interests of the mortgage, although not the capital partInterest and financing costs of the belongings transferred with the property (furniture, boilers ...). If you financed the sofa or the appliances, you can include the part intended to pay interest Taxes and state taxes that affect the property such as the IBI, the cleaning fee, garbage collection or lighting, as long as you pay as a property. If you pass it on to the tenant you cannot subtract them(Woodson and Lewis, 2004). Expenses to formalize the rent Expenses for the legal defense of property and its performance. Conservation and repair costs - eye, improvements do not come here. If you change your door for a better one, you will not be able to include this expense. Expenses for services and supplies, as long as the landlord pays them. The amortization of the property and the assets it contains. This will be 3% of the construction value due to its wear. Administration expenses, surveillance, porter and other services related to the farm. Premiums for property insurance contracts Conclusion The previous operation will give us the tax base of the rent, on which you can also make a series of reductions depending on the age of the tenant. If you choose to rent to those under 30 years old, you can apply a 100% reduction on the benefits obtained, provided that certain requirements are met. That is, you will not pay taxes for the rent. The main requirement is that your net income from work exceeds 75% of the IPREM or Public Indicator of Multiple Effects Income in each year, so if you rent to students, go over the numbers - here you can see what happens in this case. References Engdahl, S. (2011). Taxation. Farmington Hills, MI: Greenhaven Press. Fishman, S. (n.d.). Every landlord's tax deduction guide. Lakshmanan, J. (2015). Taxation laws. [Place of publication not identified]: Universal Law Publishing. McCluskey, W., Cornia, G. and Walters, L. (2013). A primer on property tax. Hoboken, N.J.: Wiley. Papadimitriou, D. (2006). The distributional effects of government spending and taxation. Basingstoke [England]: Palgrave Macmillan. Ricardo, D. (n.d.). Principles of political economy and taxation. New York. Weltman, B. (2006). J.K. Lasser'sTM 1001 Deductions and Tax Breaks 2007. Hoboken: John Wiley Sons. Woodson, J. and Lewis, E. (2004). Coming on home soon. New York: G.P. Putnam's Sons.