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CG1 Help?

  • 16-10-2017 6:38pm
    #1
    Fubared1
    Registered Users, Registered Users 2 Posts: 7 ✭


    I want to record a capital loss with revenue for a house I sold last year which was initially my PPR but was rented out in latter years. I've been advised to fill in CG1 to cover the percentage of the loss based on time house was a rental property, but don't know where to start with the fields in CG1! I cannot make sense of the various sections vs the relatively straight forward CGT calculation. Looking for guidance from anybody who has done similar before.

    To keep things simple, assume I bought house for 200K in 2007. It was PPR for 5 years before renting from 2012 - 2016 inclusive. Was sold at end of 2016 for 150K and mortgage cleared. Overall loss is 50K but 4/10 will be allowable as PPR time +1 year exempt, therefore 20K loss?

    Specific question.

    - Section 1 (h) : Description of Assets. - What is Aggregate Consideration?
    - Section 5 (a) : Do I need to put any amount for consideration in here for when it was my PPR?
    - Section 9 : Net loss, I guess this is where I capture the loss as a percentage of years house was rented.
    - Section 14 Unused Loss(es) for carry forward - As nothing else to write off against this year I assume I put the same value as section 9?
    - I'm guessing everything else is NILL as I have no actual capital gain or tax due.

    Any help with this really appreciated.


Comments

  • #2
    Ciaran
    Registered Users, Registered Users 2 Posts: 939 ✭✭✭Ciaran


    Fubared1 wrote: »
    I want to record a capital loss with revenue for a house I sold last year which was initially my PPR but was rented out in latter years. I've been advised to fill in CG1 to cover the percentage of the loss based on time house was a rental property, but don't know where to start with the fields in CG1! I cannot make sense of the various sections vs the relatively straight forward CGT calculation. Looking for guidance from anybody who has done similar before.

    To keep things simple, assume I bought house for 200K in 2007. It was PPR for 5 years before renting from 2012 - 2016 inclusive. Was sold at end of 2016 for 150K and mortgage cleared. Overall loss is 50K but 4/10 will be allowable as PPR time +1 year exempt, therefore 20K loss?

    Specific question.

    - Section 1 (h) : Description of Assets. - What is Aggregate Consideration?
    - Section 5 (a) : Do I need to put any amount for consideration in here for when it was my PPR?
    - Section 9 : Net loss, I guess this is where I capture the loss as a percentage of years house was rented.
    - Section 14 Unused Loss(es) for carry forward - As nothing else to write off against this year I assume I put the same value as section 9?
    - I'm guessing everything else is NILL as I have no actual capital gain or tax due.

    Any help with this really appreciated.

    You're correct on Sections 9 and 14.

    Aggregate consideration is the total amount of money you received.

    In Section 5, enter the portion of the consideration relating to the time as your PPR.


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