Capital Gains Tax on house

keithmac

Hello all, just a quick question.

I'm shortly having my dad's house valued for probate but it will likely need some money spending to get it into a sellable condition.

If I put some money into repairs and it sells for more than the probate estimate can I offset the cost of the repairs against this? (I doubt it but worth the question).

I don't want to accidentally get into the situation of putting a lot of time and money into the house and ending up worse off.

Thanks, Keith.

TonyMMM

Sell it "as is" and set the price accordingly.

Keep_pedalling

I agree with the above, you may not get back what you spend and still ending up paying CGT.

Maintenance costs are not deductible for CGT, so for example you can’t offset a replacement boiler or new roof, but you could if you installed central heating where none existed or replaced single glazing for double glazing. 

I would go no further than a tidy up and a lick of paint.