Residential property, CG1 form and partial PPR

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nsheridan

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I sold a house last year and I'm filling in the return on form CG1, and I'm confused as to what goes into 5(a) "Disposal of Principal Private Residence: enter amount of consideration", if anyone can spare some help.

We bought the house for 330,000 and sold it for 420,000 15 years later. It was a rental property for nearly 6 of those years.
I've calculated the PPR as 123/179 months, or 69%.

Can anyone tell me what value I should put into 5(a)? I think it's 69% of the chargeable gain, i.e. (sale price - purchase price - expenses) x 0.69 but if someone could correct me I'd appreciate it!
 
Hi there
Did you find out where that was meant to go. I'm looking for an answer to the same question.
If you did fill it all in could you share a "dummy" cgt form explaining what figures go where. I think I know but not 100% and don't want to spend over 500eurp on an accountant. Thanks a million.
Brian
 
The "amount of consideration" is revenue-speak for what the net sale proceeds were ie Sale price - solicitor's fee, etc
 
Are current year losses the costs of selling the house (sol. Fees etc)?
And are previous years losses the costs of allowable expenses/upgrades?
Thanks
 
No

Current year losses are the losses for the year you made when you sold an asset this year
Previous years' losses are the total of losses carried forward from previous years

You probably don't have any
 
Thanks for that.
So if I had allowable upgrade expenses over the years where would they go? Or is there a space for that?
 
Sorry, also where would original cost of house go? This is very helpful, thanks.
 
So, do I need to put in what I sold the house for next to Total Consideration, or is this figure to be Sale Price minus Cost Price, and All Expenses.?
We lived in the house for 5/10 years, is the Ppr relief for this to be added next to 6. Disposal of PPR, or does it go next to 10. Amount of gain relieved under S. 604A?
Sorry for all the queries.
 
You have to put in the total consideration (Sale price less sale costs), the PPR relief claimed and the taxable gain

You need to keep a record of the taxable gain calculation in case the Revenue query your calculation

You should be able to back up any expenditure, including the purchase costs, used in the calculation
 
Maybe spending a few hundred euro on an accountant would be well spent
 
Thanks again for responding. But it doesn't really answer any of the questions by myself or the original poster. We are on here looking for advice so we don't have to spend hundreds (500 was cheapest accountant I could find, and additional cost may apply!). Thanks anyway.
 
pereubu said:
But it doesn't really answer any of the questions by myself or the original poster. We are on here looking for advice so we don't have to spend hundreds (500 was cheapest accountant I could find, and additional cost may apply!). Thanks anyway.
Click to expand...
I suspect that the original poster can well afford a few hundred euros (which can possibly be written off against CGT?) to get professional advice from an accountant...
nsheridan said:
We bought the house for 330,000 and sold it for 420,000 15 years later. It was a rental property for nearly 6 of those years.
Click to expand...
In any case, whatever feedback you get here it's your own responsibility to ensure that you are tax compliant.
 
Ok. But if anyone does know the answers to my queries I'd really be very grateful.
 
I know how to calculate the tax due, I did it already last year. It is just about putting the figures in the correct boxes.
 
Also I read that Sale Price ONLY (before deductions) is the Aggregate Consideration.
 

How to declare house sale in tax return

Query: My husband and I sold our first house in August 2017. We lived in the house for about nine of the years that we owned it - renting it out in the last five years of ownership. I need to declare the sale of this property in my 2017 tax return. In the CGT section of the tax return form (Form...
m.independent.ie
 
In any case, the sale consideration is not of any great importance on the format CG1 as long as it is consistent with the two that do

The values that matter are the taxable gain and the PPR relief
 
Don't forget that the stamp duty and solicitors' fees on the original purchase of the house are deductible against the sale proceeds (they increase the base cost). (You didn't mention that in your original post). You are also able to increase your base cost for any enhancement expenditure incurred during the period of ownership. However, you will need to be careful not to double claim items of expenditure that were claimed as rental expenses (as they are not enhancement expenditure deductible against the proceeds from sale liable to CGT).
 
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