Hello
A friend recommended this wonderful site. I would appreciate
advice on Capital Gains Tax. I bought a house 7 years ago
which was run as a B&B and I continued the business ever since.
My accountant tells me that 1/3 of the house can be set aside for
personal living i.e. no CGT on that portion.
The purchase price was Euro203k
Stamp duty + solicitor fee Euro16k on purchase
Sale price Euro415k
What other issues can I take into account to reduce CGT?
Can I deduct the cost for sale of Solicitor, Accountant and Estate Agent fees?
"Can I deduct the cost for sale of Solicitor, Accountant and Estate Agent fees?"
yes - but bear in mind that if two thirds of your gain is exempt (as a principal private residence) then two thirds of the costs of sale will be irrelevant to your tax liability. In other words, if total costs of sale are €6k, only €2k matters, reducing your ultimate CGT by circa €400.00.
Are you by any chance over the age of 55? It might have a bearing.