Capital gains tax on house

Christina1976

Hi, We bought a house in 2005 and lived in it until 2009. It was rented out until 2017. Now sold but solicitor won't transfer our money until we have an accountant work out capital gains. Do we need an accountant or can I work it out ourselves? and anyone know how much an account would cost?
We made 70k profit, however spent 50k converting attic, conservatory, and costs buying and selling.
I have all the information and receipts.

thanks

Robert McGrath

Delphinium wrote: »

if it was your residence there is no tax to be paid, unless its on a couple of acres.

This is incorrect. Ignore this advice

CIARAN_BOYLE

Of course you can work it out yourself.

We the forum can't work it out for you according to forum rules.

I'm not sure there is a requirement that the solicitor accept your computation.

exaisle

CIARAN_BOYLE wrote: »

Of course you can work it out yourself.

We the forum can't work it out for you according to forum rules.

I'm not sure there is a requirement that the solicitor accept your computation.

I wasn't aware that a solicitor could withhold funds in the absence of a CGT computation...although making their clients aware that a CGT liability existed and that they were obliged to pay it by (probably) December 15th would appear prudent.

OP...chances are you'll get it wrong if you work it out yourself. Best get an accountant to do it....

juke

exaisle wrote: »

I wasn't aware that a solicitor could withhold funds in the absence of a CGT computation...although making their clients aware that a CGT liability existed and that they were obliged to pay it by (probably) December 15th would appear prudent.

OP...chances are you'll get it wrong if you work it out yourself. Best get an accountant to do it....

If OP is non-resident, the solicitor can't release the funds until a return is made, tax paid and Revenue give a letter of 'no audit' - otherwise the solicitor could be liable for the tax due.

Peregrinus

juke wrote: »

If OP is non-resident, the solicitor can't release the funds until a return is made, tax paid and Revenue give a letter of 'no audit' - otherwise the solicitor could be liable for the tax due.

In other posts, Christina1976 indicates that she has moved to Sydney so it seems, yes, she's non-resident, so this restriction would appear to apply here.

She doesn't need an accountant to make a return, pay the tax and get the no-audit letter; she is entitled to do it herself if she wants. But it needs to be done.

CIARAN_BOYLE

exaisle wrote: »

I wasn't aware that a solicitor could withhold funds in the absence of a CGT computation...although making their clients aware that a CGT liability existed and that they were obliged to pay it by (probably) December 15th would appear prudent.

OP...chances are you'll get it wrong if you work it out yourself. Best get an accountant to do it....

for foreign residents they have to withhold until paid.

for irish residents they are supposed to believe that the recipient will properly handle their tax requirements. Its not as stringent as the requirement for foreign residents though.

exaisle

Ah...OK...I didn't see anything to suggest the OP was non-resident...