BonnieBefore
New Member
- Messages
- 2
Hi,
When calculating tax due on a foreign property sale can I use the exchange rate at time of purchase if I wasn't a resident in Ireland at that time to calculate P/L? The house was bought in GBP when I lived in UK as an investment, I sold it for a small amount and paid tax due in UK (negligble). I am now a resident in Ireland but assume my domicile as UK and therefore pay tax on global income only when remitted.
Is the P/L calculation done in GBP and then converted to Eur or should I convert purchase price and sale price at prevailing rates at the time and then calculate the rate? I guess I am asking as the latter generates a loss and therefore 0 tax.
edit: What expenses are allowed to be deducted? I understand lawyers fees can, but I had to spend money on cosmetic renovations (new carpets etc) in order to get it sale ready), can these be deducted?
When calculating tax due on a foreign property sale can I use the exchange rate at time of purchase if I wasn't a resident in Ireland at that time to calculate P/L? The house was bought in GBP when I lived in UK as an investment, I sold it for a small amount and paid tax due in UK (negligble). I am now a resident in Ireland but assume my domicile as UK and therefore pay tax on global income only when remitted.
Is the P/L calculation done in GBP and then converted to Eur or should I convert purchase price and sale price at prevailing rates at the time and then calculate the rate? I guess I am asking as the latter generates a loss and therefore 0 tax.
edit: What expenses are allowed to be deducted? I understand lawyers fees can, but I had to spend money on cosmetic renovations (new carpets etc) in order to get it sale ready), can these be deducted?
Last edited: