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Tax allowance question

  • 09-06-2022 2:28pm
    #1
    monseiur
    Registered Users, Registered Users 2 Posts: 1,372 ✭✭✭


    Old semi derelict house on 1 acre site bought 10 years ago for €60K + stamp duty etc. not touched until last year, due to health reasons, when it was decided to sell. Site completely overgorwn for over 25 years with trees, briars, bushes, infestation of rhodendrons etc. This work was completed last year at a total cost of €3,750.00 and house is now sale agreed. The work was done by different local lads in drips and drabs over a long period (due to covid restrictions) and all were paid in cash as work was being done - no invoices, no reciepts etc. My question is, when it comes to calculating CGT is this €3,750.00 allowable as an expense considering there's no paper trail.



Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    CGT is a self assessment tax, so there's nothing to stop you preparing a tax computation including all your expenditure, putting the appropriate figures into your tax return, and paying the tax.

    if you get audited you can expect the auditor to disallow all the unvouched expenditure, and recalculate the tax with interest and penalties. The auditor will be unsympathetic to you telling him that no-one would do the work for you if they had to provide invoices and receipts.

    Will you get audited? Nobody can tell you that. Do you feel lucky?



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