Selling Investment Properties

dino

Frequent Poster
Messages
128
Hi,
I have two rental properties that I have decided to sell. I'm tired of being a landlord and I want to upgrade my PPR. Both properties are a long way from my home so difficult to manage. Property 1 has always cost me money so time to get rid of it. I have sold Property 1 first in order to carry the loss forward as I believe that I cannot do it the other way round.

Property 1: Bought for €320K at the peak of the boom. I owe €185K and I have gone sale agreed at €230k. As far as I know I will be able to carry forward the loss and offset it against the profit (CGT) in the sale of Property 2.

Property 2: Valued approx. €240K, no mortgage. Have just given tenants notice but it will take 7 months. The property was valued at €190k when I inherited it. As a result, I should have to pay CGT on the profit (€50K) but I will be able to offset this off the loss carried forward from P1.

My question is... do I need to get proof of the loss as evidence for the future sale of P2? Is there anything I need to get off my solicitor during the sale of P1?
Has anyone done anything like this before?
 
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