just sold rental property how to renew

batucadabird

Hi - I have to renew my tax credits etc. I sold a rental property in Feb. I lost my job and need to renew and tell them of changes in situation etc. all payments have stopped. Just child benefit, no child tax credit now. Ive a lot less extra help than I did in full time work!!! I am not sure what Im supposed to say exactly. It was a joint property, so we have already calculated what was spent on it and taken it off the sale price and split the profit in two, (therefore I know individually about what I have spent renovating the place over the years.) Am I supposed to tell them I earnt my part of the sale profit less what I put in on the mortgage?

HappyMJ

batucadabird wrote: »

Hi - I have to renew my tax credits etc. I sold a rental property in Feb. I lost my job and need to renew and tell them of changes in situation etc. all payments have stopped. Just child benefit, no child tax credit now. Ive a lot less extra help than I did in full time work!!! I am not sure what Im supposed to say exactly. It was a joint property, so we have already calculated what was spent on it and taken it off the sale price and split the profit in two, (therefore I know individually about what I have spent renovating the place over the years.) Am I supposed to tell them I earnt my part of the sale profit less what I put in on the mortgage?

It's not income. You didn't earn anything. It's a capital gain. You don't declare the capital gain.

batucadabird

well they are asking about what I spent and got out of it...so what do I say? So, I roughly made about 30k and Ill declare that in a lengthy way at self assessment. We will pay the Capital gains tax then. No rent- last rent in from the place was back in sept 2013, so no rent in 14/15 year. So I say nothing in at all?