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Capital Gains 2021
KittyMac
Posts: 43 Forumite
I live with my partner in his house and own a property I have never lived in and rent out. I bought it and then never moved in. The tenants are buying their own home and I am thinking of selling but I have spent quite a lot on the house since purchase and not sure if capital gains will make it a worthwhile exercise.
Do I have to pay capital gains even though it is the only house I own? Can I deduct what I have spent on it with regards captial gains liability
Do I have to pay capital gains even though it is the only house I own? Can I deduct what I have spent on it with regards captial gains liability
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Comments
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Yes you will be liable for CGT on it because it is property that is not your main home2
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Most expenditure is either allowable against the rent, or it’s a capital expense that is added to what you paid for the property for CGT purposes. You can’t count the same expenses twice, though, ie for both income and CGT.KittyMac said:I live with my partner in his house and own a property I have never lived in and rent out. I bought it and then never moved in. The tenants are buying their own home and I am thinking of selling but I have spent quite a lot on the house since purchase and not sure if capital gains will make it a worthwhile exercise.
Do I have to pay capital gains even though it is the only house I own? Can I deduct what I have spent on it with regards captial gains liabilityNo reliance should be placed on the above! Absolutely none, do you hear?0
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