Rennovations and CGT

S

Shaun T

Guest
I must have done €40k worth of modifications to our residence over last 5 years and am now considering renting it. Can I refer to this work when ultimately selling it and calculating my CGT. Work includes new kitchen, landscaping, windows and lot's of decorating. Do I need receipts for all this work. I did a lot of work myself so how do I value this when trying to offset against CGT liability?

Thanks!
 
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I s'pose you need receipts.

Incidentally, do you think that all the work that people are doing is a significant cost of house price inflation ... resulting in it being over calculated. From what I see people are less and less willing to live in an outdated run-down house. They are prepared to invest in their house to their own limits. So the house they buy for €300k and sell 5 years on for €450k does not represent €150k appreciation because they could have put in €50k
 
Re: .

If you never rented the house out, the whole CGT when you own a house as a principal private residence ..the gain is exempt.

If you rent it out, the proportion of time rented as a proportion of total ownership is basically how the 'gain' will be divided.

'Cost' is indexed up to 31/12/02 in addition to 'enhancement expenditures' You should realise that this is for expenditure incurred and I think that this means self labour would not be included.

You probably would not have to show receipts as it a 'self assessment tax'.
 
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