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Sale of rental property at a loss. How to handle with revenue?

  • 21-08-2017 4:38pm
    #1
    Fubared1
    Registered Users, Registered Users 2 Posts: 7 ✭


    Accidental landlord for a number of years with a house which was my principal primary residence at first. Bit the bullet last year and sold up at a loss vs what I originally paid for the house. Trying to figure out how I should record the capital loss with revenue.

    Say I owned the house for 10 years and it was my PPR for 5 and rented full time for the other 5 is it correct to say I should report the loss as 4/10 of the overall loss i.e discount 5 years it was PPR +1 more? Have I got that calculation correct?

    Also what's the procedure for reporting the loss to revenue? I normally fill out an online version of Form 12, but can't see a section for capital gains / losses.

    Also, can sales expenses such as solicitor / estate agent / BER etc. be offset as an expense against rental income in year of sale when making annual tax return? Arguably part of the solicitors fees was managing the rental - ensuring that tenants were given correct written notice, forming affidavit that I intended to sell etc. What do you think?

    Cheers.


Comments

  • #2
    Fubared1
    Registered Users, Registered Users 2 Posts: 7 ✭Fubared1


    Fubared1 wrote: »
    Accidental landlord for a number of years with a house which was my principal primary residence at first. Bit the bullet last year and sold up at a loss vs what I originally paid for the house. Trying to figure out how I should record the capital loss with revenue.

    Say I owned the house for 10 years and it was my PPR for 5 and rented full time for the other 5 is it correct to say I should report the loss as 4/10 of the overall loss i.e discount 5 years it was PPR +1 more? Have I got that calculation correct?

    Also what's the procedure for reporting the loss to revenue? I normally fill out an online version of Form 12, but can't see a section for capital gains / losses.

    Also, can sales expenses such as solicitor / estate agent / BER etc. be offset as an expense against rental income in year of sale when making annual tax return? Arguably part of the solicitors fees was managing the rental - ensuring that tenants were given correct written notice, forming affidavit that I intended to sell etc. What do you think?

    Cheers.

    Bump. Any help greatly appreciated.


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