Allowable deductions against capital gains/loss

dakra51

Registered User
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16
I am calculating the net gain following the sale of a holiday home and am deducting legal and estate agents fees for sale and legal fees for purchase. Can I also deduct the cost of fitted kitchen and bathroom fittings which were additional to the purchase price?

Also for a second hand home can stamp duty be deducted?
 

Mrs Vimes

Frequent Poster
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994
AFAIK the fitted kitchen and bathroom would still have to be in the house to be deductible - if they have been replaced since they wouldn't qualify.
 

dakra51

Registered User
Messages
16
Yes they are the original fittings, but were additional to the purchase price. I assume the white goods, freezer, washing machine and dishwasher cannot be included?
 

Gordon Gekko

Frequent Poster
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4,402
No, white goods etc wouldn’t count.

The original kitchen wouldn’t need to be still there.

For example, I could spend €25k on a new kitchen in 2005 and again in 2020.
 

torblednam

Frequent Poster
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565
No, white goods etc wouldn’t count.

The original kitchen wouldn’t need to be still there.

For example, I could spend €25k on a new kitchen in 2005 and again in 2020.
You could, but it won't necessarily all be deductible.

Section 552 allows
"expenditure which adds to the value of the asset and which is reflected in the state or nature of the asset at the time of disposal"

On that basis, the kitchen from 2005, to the extent that it's been pulled out and replaced in 2020, won't be deductible.

Strictly speaking.
 

Gordon Gekko

Frequent Poster
Messages
4,402
You could, but it won't necessarily all be deductible.

Section 552 allows
"expenditure which adds to the value of the asset and which is reflected in the state or nature of the asset at the time of disposal"

On that basis, the kitchen from 2005, to the extent that it's been pulled out and replaced in 2020, won't be deductible.

Strictly speaking.
Which it is...as in the kitchen has been kept up to standard over time.
 
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