Help estimating CG tax on property
Posted: May 14th, 2018, 3:07 pm
Hi everyone,
We intend to sell our property we let out, me and my OH acquired the property in April 1992 the price we paid for the property was substantially reduced because of it’s dilapidated state. It was not in a fit state for us regarding moving in or letting out, until repairs were carried out.
We let the property out in September that year.
In February 2005 we started to live there, making major alterations to the property, a two story extension, alteration to the porch by cavity wall insulation, replacing the car parking area with brick weave, whilst still living there. Calling on friends and family so no really big expenditure was laid out, although the property value must have increased somewhat.
In September 2010 we let the property back out, between lets we have had work done damp proofing, timber treatment.
The existing tenants have decided to leave, and we have decided to call it a day.
• Selling price estimate £185,000
• Purchased price £40,500
• Legal expenses £3500
• Receipts before letting £1000
New PVC windows fitted, but unfortunately unable to locate the receipt, this is going back some years.
Both retired, not yet receiving pension, both under our personal tax allowance.
All help would be appreciated.
We intend to sell our property we let out, me and my OH acquired the property in April 1992 the price we paid for the property was substantially reduced because of it’s dilapidated state. It was not in a fit state for us regarding moving in or letting out, until repairs were carried out.
We let the property out in September that year.
In February 2005 we started to live there, making major alterations to the property, a two story extension, alteration to the porch by cavity wall insulation, replacing the car parking area with brick weave, whilst still living there. Calling on friends and family so no really big expenditure was laid out, although the property value must have increased somewhat.
In September 2010 we let the property back out, between lets we have had work done damp proofing, timber treatment.
The existing tenants have decided to leave, and we have decided to call it a day.
• Selling price estimate £185,000
• Purchased price £40,500
• Legal expenses £3500
• Receipts before letting £1000
New PVC windows fitted, but unfortunately unable to locate the receipt, this is going back some years.
Both retired, not yet receiving pension, both under our personal tax allowance.
All help would be appreciated.