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Capital Gains Tax

  • 02-08-2016 11:48am
    #1
    Bourgeoius
    Registered Users, Registered Users 2 Posts: 10 ✭


    I am currently selling my house which I had rented out for 350k, capital gains tax issue property bought for 280 when inflation index applied, I am wondering is it possible to avoid some cgt, by splitting the sales price 330k for house and 20k for the furniture within the house? thanks in advance


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Bourgeoius wrote: »
    I am currently selling my house which I had rented out for 350k, capital gains tax issue property bought for 280 when inflation index applied, I am wondering is it possible to avoid some cgt, by splitting the sales price 330k for house and 20k for the furniture within the house? thanks in advance

    If the furniture is part of the sale then its part of the cost. You don't need to split anything just add in the costs as appropriate.

    Talk to your tax advisor.

    Also you won't be able to claim costs if you have otherwise claimed IT relief as a CA.


  • #3
    Bourgeoius
    Registered Users, Registered Users 2 Posts: 10 ✭Bourgeoius


    buyer has received most of the furniture as part of the sale, can this be added on as a cost of the house , aswell as new double glazed windows and new kitchen fitted?


  • #4
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Bourgeoius wrote: »
    buyer has received most of the furniture as part of the sale, can this be added on as a cost of the house , aswell as new double glazed windows and new kitchen fitted?

    It may count as enhancement expenditure. Talk to your tax advisor.


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