I purchased a property for 130000 in 2002 and lived in it until 2014. I borrowed 6,000 from the credit union at the time of purchase. Borrowed an additional 25,000 in 2005 (remortgage) and 45,000 (additional mortgage) in 2009. This was for home improvement, bungalow attic conversion etc. The house is valued at 170,000.
I am unsure if I have to pay capital gains tax or if this is classed as a loss. Thank you in advance
No, I didn't keep them, I just got the house valued today and am deciding whether to sell. I was hoping for nearer 190,000 so may keep it for another few years and hope for the best. I thought if the value didn't increase in another few years I might end up paying more cgt.
I cannot understand why people don't keep receipts. Having said that one is not required by revenue to keep receipts forever. Copasetic I assume you must have made some payments for the capital expenditure by cheque, or withdrew money from your bank etc. I suggest you find that information and keep that. Also write down exactly the work you did, and take pictures and put all this in a file marked CGT. That will be your back up if revenue have any queries. If in general all is above board in all your tax dealings they are unlikely to raise any queries.