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Self assessment - allowable expenses due to sale?
BudgetBoy
Posts: 33 Forumite
Hi
Just getting around to the lovely end of year job of self assessment for me and my partner.
During 2018-2019 she sold a BTL property that was just in her name. It was sold at a loss of around 10K so no CGT will be due.
About a year before the sale we had spoken to the tenants who were happy and planning on staying long term - they had already been there 11 years and were happy. Based on this she remortgaged the property to get a lower monthly payment.
Fast forward 6 months. The tenants were hit with health issues forced them to leave. We (my partner) decided to sell the property as we are trying to make life less complicated!
So property sold within a couple of months.
I know I can claim for the council tax and gas/elec while it was unoccupied. I also am planning to include the solicitor cost of £900, estate agent fee £2100! There were a few repairs to make it saleable totalling £300.
Because she had recently remortgaged there was a large redemption penalty of £2000 - can this be included in the finance costs as it was an essential part of the fees for us to sell the property??
All these cost will be going on her return as the property was only in her name.
Thanks
Just getting around to the lovely end of year job of self assessment for me and my partner.
During 2018-2019 she sold a BTL property that was just in her name. It was sold at a loss of around 10K so no CGT will be due.
About a year before the sale we had spoken to the tenants who were happy and planning on staying long term - they had already been there 11 years and were happy. Based on this she remortgaged the property to get a lower monthly payment.
Fast forward 6 months. The tenants were hit with health issues forced them to leave. We (my partner) decided to sell the property as we are trying to make life less complicated!
So property sold within a couple of months.
I know I can claim for the council tax and gas/elec while it was unoccupied. I also am planning to include the solicitor cost of £900, estate agent fee £2100! There were a few repairs to make it saleable totalling £300.
Because she had recently remortgaged there was a large redemption penalty of £2000 - can this be included in the finance costs as it was an essential part of the fees for us to sell the property??
All these cost will be going on her return as the property was only in her name.
Thanks
0
Comments
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You would be better posting on the CuttingTtax board0
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OK took your advice and posted the same thing over there. Cheers.0
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Buy book on saving property tax. It will save more than it costs0
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