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Form CG1 questions

  • 02-04-2017 3:55pm
    #1
    dennyk
    Registered Users, Registered Users 2 Posts: 1,783 ✭✭✭


    Trying to fill out a Form CG1 for 2016, as I had two capital gains:

    - Sale of some US equities
    - Sale of my principal private residence in the US

    On Form CG1, what would I put in the "Aggregate Consideration" fields? Seems like that would be the total gross amount received from the sale of the asset, but there does not appear to be anywhere on the form to report the cost of acquisition or cost of disposal for each asset. Are you just supposed to calculate the chargeable gains yourself without showing your costs on the form or providing any other justification to Revenue for why you're only claiming €X gains from selling your assets for €Y?


Comments

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


    dennyk wrote: »
    Trying to fill out a Form CG1 for 2016, as I had two capital gains:

    - Sale of some US equities
    - Sale of my principal private residence in the US

    On Form CG1, what would I put in the "Aggregate Consideration" fields? Seems like that would be the total gross amount received from the sale of the asset, but there does not appear to be anywhere on the form to report the cost of acquisition or cost of disposal for each asset. Are you just supposed to calculate the chargeable gains yourself without showing your costs on the form or providing any other justification to Revenue for why you're only claiming €X gains from selling your assets for €Y?

    Yep. If they want further information they will open an inquiry.


  • #3
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,887 ✭✭✭✭Calahonda52


    CIARAN_BOYLE wrote: »
    Yep. If they want further information they will open an inquiry.
    +1
    So Op be sure you keep the math behind the calculation and also have available evidence of where the payments were made into on disposal and out of for the purchase.

    I have been in that inquiry box and it was simple just to send the math plus the bank statements.

    You will also need to comply with Revenue rules for FX transaction exchange rates

    “I can’t pay my staff or mortgage with instagram likes”.



  • #4
    dennyk
    Registered Users, Registered Users 2 Posts: 1,783 ✭✭✭dennyk


    Calahonda52 wrote: »
    You will also need to comply with Revenue rules for FX transaction exchange rates

    Oh yes, the exchange rate stuff is fun. Kinda sucks I ended up having to pay more tax due to years of exchange rate fluctuations before I even lived here (bought 'em several years ago and sold some a few months after moving here), but them's the rules. At least they weren't old enough to have to add an Irish £ conversion to the mix, I guess... :pac:

    I've my worksheet and my US tax docs from my broker showing the buy and sell dates and prices, so that'll do if there's any inquiry, I suppose.


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