Capital Gains tax Saving on House Renovations Cost

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oxygen

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Hi. Putting aside the current market. I recently enough (in the good times) bought a dilapidated house for 180k, with an idea to renovate it and sell it for more money.

Now the way things are, I don’t mind if I live in the house for a couple of years. What are the rules for paying capital gains after selling your first home? Also, so far I have put 6k into trade cost for renovation. Do I need to collect these invoices if I want to remove this from my capital gains tax payment? Im not sure I still have them all.
 
Capital gains taxes assessed in the sale of real estate are estimated at around twenty to thirty percent. If a taxpayer is engaged in a "like kind" real estate purchase, the tax reduces his ability to purchase a similar property by effectively cutting the resale value of their property by twenty to thirty percent.
 
Yes you should save renovation invoices, as they can be added to the cost of the house when calculating CGT liability. If you do not have them still, you should ask the service or goods provider for copies. They do not have to be sent in with your CGT return, but Revenue may later ask to see them.
 
you wouldn't be liable, however if you decide in a few years to move out of the house and rent it out and sell it more than a year after you move out it would be useful to have kept the invoices as you would then be liable to cgt
 
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