CGT deductions on property after renos

Hi, so I've sold a property a few months back and made a small profit. It had some tenant damage so it needed repairs through insurance. Whilst the repairs were being undertaken I also had the roof painted, a new kitchen put in, some more painting, carpets replaced and also a new hot water system installed. I decided to sell the property once all this was done. The property was in 'limbo' for a couple of months whilst I decided to continue renting or selling after the reno. Would I be right in assuming that I can't claim the loan interest deductions for those couple of months (not tenanted)? The renovations/repairs, how would they be classed in regards to CGT? Also I sold some shares a few years back at a loss, can I use that loss to reduce my CGT on this sale?

Thanks

Pete

 

Before u decided to sell some costs would be deductible such as interest and repairs. Once decided to sell would be capital costs and used to increase cost base as would improvements.

Capital loss can reduce the capital gains.

 

So basically I should claim those two months of interest repayments and all the reno work as capital costs. "I was fed up with renting the place and decided to reno the place before sale". In that way I'd get maximum benefit? My main concern was whether my intentions for sale or rental had impact on the deductions with the CGT. Seeing as it wasn't advertised for rental during this period I guess I shouldn't have any issues with adding all the work to the capital costs?

 

maybe some third element costs in there

 

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