Claim against CGT on Renovated House

S

spideryartic

Guest
Hi.
I purchased a house a few years ago and renovated it myself over 2 years.
I have now sold the house and I want to claim allowable costs against CGT.
I want to claim:
1. Materials (can this be done?)
2. The cost of my labour (can this be done?)

Are there any guidelines (articles, URLs) on what I can claim in this situation?
I can't afford to hire an accountant, I want to do it myself via Revenue Online..
Thanks
 
You can claim the actual cost of renovations - that is the cost of the materials, but you can't claim for your own time, as you did not actually pay for that.
If you had actually paid a labourer then you could claim for that.

If you bought the property with the intention merely to do it up and sell it, you could be considered to have been trading, and therefore liable to income tax, not Capital Gains Tax.

It may well be worth your while taking professional advice on this.
 
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