CG1 for joint property

[plant43]

Hi,

I jointly owned a house with my spouse and am now doing the CGT return for it (we rented it out for the last few years of ownership). On the ROS form 11, for Total Considerations of Disposals, do we each put the total sale value and then under gains/losses put the individual portion of gain/loss? (we file separately as we live overseas)

For example:

House purchased for 500k, sold for 400k, loss is 100k.

On each of our returns, do we use these figures

Total Considerations of Disposals: 400k
Losses in the year: 50k (as it was a joint property)

Thanks for any guidance!

 

[AAAContributor]

I jointly owned a house with my spouse and am now doing the CGT return for it (we rented it out for the last few years of ownership).

To answer your query, it is necessary to know whether you and your spouse occupied the property as your principal private residence for some of the period of ownership.

Presuming you did, only a portion of the €100k loss may be allowable.

More info here:

Q&A

Your property questions answered

www.irishtimes.com

If the property was an investment that was never your PPR, then all the loss is allowable and split 50/50.

On another point, you are selling a property that is below the price you paid for it - sounds like a Celtic tiger purchase. Make sure you include all the costs of acquisition (including stamp duty as that was much higher years ago, legal fees, surveyor fees etc) and costs of disposal (legal, estate agent etc) in order to maximise any allowable loss.

 

[plant43]

To answer your query, it is necessary to know whether you and your spouse occupied the property as your principal private residence for some of the period of ownership.

Presuming you did, only a portion of the €100k loss may be allowable.

More info here:

Q&A

Your property questions answered

www.irishtimes.com

If the property was an investment that was never your PPR, then all the loss is allowable and split 50/50.

On another point, you are selling a property that is below the price you paid for it - sounds like a Celtic tiger purchase. Make sure you include all the costs of acquisition (including stamp duty as that was much higher years ago, legal fees, surveyor fees etc) and costs of disposal (legal, estate agent etc) in order to maximise any allowable loss.

Thanks for the reply! You are correct that we did occupy the house as our PPR for the same amount of time as we rented it out (6 years living there, 6 years renting out) so I will apportion the loss at 50%.

And yes it was a Celtic tiger purchase (in the dying embers) and good point about adding in costs of acquisition and disposal.

On a practical level, does only one of us need to submit the capital gains section of the online form 11 and list the other party as having the loss too in the connected parties section.

Thanks!