Hi All
Looking at calculating a CGT Liability on Apt Sale and have a few Questions.
Details as per below:
Purchased in Nov-03
PPR Until Sept-08 (40% of Ownership)
Sale Closed in May-18
Difference between purchase price and sale price is approx €20k positive.
1. Purchased in Nov 2003 - So no Indexation Relief allowed correct?
2. On advice of Auctioneer - We would have a better chance of sale and get a higher price if the apartment was tenant free, so issued the tenant with the required termination notice etc. They moved out in Nov-17. So the apt was empty for approx 6 months. Can I include either the mortgage payment or loss of rent during those 6 months, as a Incidental Costs of Sale?
3. Can I include the 6 months of the maintenance fee and Property Tax as a Incidental Costs of Sale?
4. What about the 6 months of Property Insurance / Electricity Bills / Gas Bills?
My thought process with points 2 / 3 / 4 is that without paying the mortgage, maintenance or property tax for those 6 months I would not have been able to sell the property. Without the Insurance I could not let the agent or viewers on the property and without the light and heat it would have been impossible to sell in winter.
5. Post Nov-17, I got the apt cleaned / painted / new carpets on advice of the Auctioneer can they be included in Incidental Costs of Sale? With the standard Solicitor and Auctioneer Fees?
6. As we are a jointly assess couple for the last number of years with revenue, can we use €1,270 x2 in the calculation?
7. If I do have a liability could I sell some shares (Bought from post tax earnings) that I have that are currently trading at a loss for the same amount and use loss to clear the liability?
Thanks in advance -Gal1
Looking at calculating a CGT Liability on Apt Sale and have a few Questions.
Details as per below:
Purchased in Nov-03
PPR Until Sept-08 (40% of Ownership)
Sale Closed in May-18
Difference between purchase price and sale price is approx €20k positive.
1. Purchased in Nov 2003 - So no Indexation Relief allowed correct?
2. On advice of Auctioneer - We would have a better chance of sale and get a higher price if the apartment was tenant free, so issued the tenant with the required termination notice etc. They moved out in Nov-17. So the apt was empty for approx 6 months. Can I include either the mortgage payment or loss of rent during those 6 months, as a Incidental Costs of Sale?
3. Can I include the 6 months of the maintenance fee and Property Tax as a Incidental Costs of Sale?
4. What about the 6 months of Property Insurance / Electricity Bills / Gas Bills?
My thought process with points 2 / 3 / 4 is that without paying the mortgage, maintenance or property tax for those 6 months I would not have been able to sell the property. Without the Insurance I could not let the agent or viewers on the property and without the light and heat it would have been impossible to sell in winter.
5. Post Nov-17, I got the apt cleaned / painted / new carpets on advice of the Auctioneer can they be included in Incidental Costs of Sale? With the standard Solicitor and Auctioneer Fees?
6. As we are a jointly assess couple for the last number of years with revenue, can we use €1,270 x2 in the calculation?
7. If I do have a liability could I sell some shares (Bought from post tax earnings) that I have that are currently trading at a loss for the same amount and use loss to clear the liability?
Thanks in advance -Gal1