In relation to CGT calculations can anyone advise me that where a rented property is being sold whether
(a) the Personal allowance of €1270 can be backdated to the year of purchase of the property and can it be sed as an allowance for every year up to the date of sale or is it regarded as an unused allowance for those years
If property bought in 1992 and is being sold in 2005 can I take it that you can only claim one allowance of €1,270 ?
(b) Can stamp Duty paid on acquisition of the property be regarded as an "incidental cost of purchase " and id it allowable for CGT
(c) in relation to major refurbisment expenses like a new kitchen and laminate flooring incurred in the year of sale -are these alloweable expenses for CGT purposes as it will not e possible to claim these for Income Tax deductions as the property will be sold by next year
(d) Are previous refurbishment expenses allowable for CGT purposes even though they were claimed as allowable expenses for Income Tax purposes
Any advice appreciated -its a great website !!
(a) the Personal allowance of €1270 can be backdated to the year of purchase of the property and can it be sed as an allowance for every year up to the date of sale or is it regarded as an unused allowance for those years
If property bought in 1992 and is being sold in 2005 can I take it that you can only claim one allowance of €1,270 ?
(b) Can stamp Duty paid on acquisition of the property be regarded as an "incidental cost of purchase " and id it allowable for CGT
(c) in relation to major refurbisment expenses like a new kitchen and laminate flooring incurred in the year of sale -are these alloweable expenses for CGT purposes as it will not e possible to claim these for Income Tax deductions as the property will be sold by next year
(d) Are previous refurbishment expenses allowable for CGT purposes even though they were claimed as allowable expenses for Income Tax purposes
Any advice appreciated -its a great website !!