Selling Foreign Property Tax due in Ireland?

[DublinHead54]

Hi,

I am selling Foreign Property (UK) and trying to work out the tax due in Ireland, there was a modest gain on the property of ~20k. Revenue makes reference to 'deduct allowable expenses' however, I can't find details. Can I deduct estate agent/solicitor fees for both at time of purchase and sale? I also spent some money on general renovations in order to sell (new carpets / paint / bathroom upgrade), can I deduct those? Lastly, if I have losses from the sale of shares this year can it be offset against foreign property profits and can I use my wifes tax-free allowance this year?

Foreign Capital Gains Tax (CGT) relief

If you dispose of a foreign property you may have to pay Capital Gains Tax (CGT) in the country that the property is located in

www.revenue.ie

 

[Gordon Gekko]

Hello Dublinbay12,

Yes, you can offset those buying and selling costs.

You can offset the cost of the bathroom upgrade but not the other costs.

Yes, the loss from the sale of shares would be allowable if realised in the same year (or in a prior year).

Unfortunately, your wife’s allowance would not be available unless the property is held in joint names (but any losses in your wife’s sole name would be).

Gordon