CGT Allowable Expense in House sale.

Copilot state this:

'When a house is bought in stage payments, the date used for Capital Gains Tax (CGT) calculation is typically the date of the contract for sale, not the dates of the individual stage payments. This is because the contract date is considered the point at which the disposal of the asset is agreed upon.'

Can someone confirm this or otherwise?
 
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It's the total of the purchase costs that count - when you actually paid them is irrelevant - well, unless the payments were pre 2002 when indexation applied
 
jpd said:
It's the total of the purchase costs that count - when you actually paid them is irrelevant - well, unless the payments were pre 2002 when indexation applied
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Pre-2003. I got that wrong myself recently...

CGT on rental house sale

My tenants have just given me notice after 14 year. I am unsure of renting out again or selling up. House bought for €265,950 in 2003. Potential sale price is €400,000 It was my primary residence for 7 years. How do I calculate the CGT on this? I am getting conflicting answers.
www.askaboutmoney.com
 
jpd said:
It's the total of the purchase costs that count - when you actually paid them is irrelevant - well, unless the payments were pre 2002 when indexation applied
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All payments were pre-2003, hence my original question.
 
Ah, then that might make a (small) difference

It's a pity you didn't say that originally

I don't know the answer
 
charlie007 said:
With all due respect, I don't believe my question could be clearer.
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It could have been. You didn't mention that the property was purchased before 2003 until post #26 on page 2 of this thread:

CGT Allowable Expense in House sale.

Copilot state this: 'When a house is bought in stage payments, the date used for Capital Gains Tax (CGT) calculation is typically the date of the contract for sale, not the dates of the individual stage payments. This is because the contract date is considered the point at which the disposal of...
www.askaboutmoney.com
and this is very relevant information.
 
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Post 26 was me simply responding to post 24.

I still don't have an answer to my question in post 21!
 
charlie007 said:
Post 26 was me simply responding to post 24.

I still don't have an answer to my question in post 21!
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What exactly do you mean by buying a property in stage payments? What exactly is the contractual purchase arrangement in this context?
 
Stage payments was a popular way to sell apartments, and maybe houses, in Cork.
Basically the purchaser signs 2 contracts, one a site and one a build.
The build contract is paid in stages as the property is being developed. This can take several years.
I thought the dates of the individual stage payments would be used to calculate any future CGT.
But Copilot says no, it's the contract date that's used, hence my question 'Can someone confirm this or otherwise?'
 
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charlie007 said:
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But Copilot says no, it's the contract date that's used, hence my question 'Can someone confirm this or otherwise?'
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I'd gladly tell you in 2 minutes if you asked appropriately but it's a bit much to expect anyone to verify or critique the results of an AI search.

If you had bothered doing even the most perfunctory research on the topic, you wouldn't even be asking the question.

If anyone else wishes to help you, they're perfectly free to do so but I certainly won't be reducing myself to the level of an AI checker.
 

I suppose I should thank god for small mercies that you've given your permission for others to answer.

Can anyone give me an answer to the question in post 21?
 
jpd said:
Why don't you pose the question directly to Revenue?
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I asked that question yesterday (Saturday) afternoon when I assume Revenue would not have been contactable?

I will indeed ring them tomorrow. I have always found them very helpful in the past.
 
Interesting thread.
I inherited a house a few years ago, I paid the CAT. House will be sold shortly.

House was left in a bad way, had to pay someone to gut the house, removal of rubble etc.
Sheds were repainted to take the bad look off them.
I also sorted a boundary issue myself with the neighbours, I paid the land direct fees etc.
A tree surgeon was also required as a lot of the bushes and trees were overgrown.

I assume all the above have added value to the asset so I can put under CGT allowable expenses?

Thanks
 
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