Yes, losses from one Irish property can offset profits from another in the same tax year. When calculating rental income, you must compute the profit and loss for each property separately before aggregating the results to arrive at total Irish rental income.
If your overall rental income arrives at a loss, this loss cannot be used against other types of income but can be carried forward to use against future rental profits.
Losses from foreign rental properties cannot offset Irish rental income but can be used to offset other foreign rental profits. If you have paid tax on the foreign rental income in that country, you may be able to claim double taxation relief under a Double Tax Agreement with that country.
