CGT on IP sale

Hi

Do legal fees, buyers agent fees that were incurred buying the property get taken into account when selling?

Any other items that can be used to minimize the CGT paid?

Thanks

 

Yes. If there was any period the property wasn't income producing and you weren't able to claim deductions for rates, insurance , interest etc that can form part of your cost base. Remember the building write off gets added back on.

 

This would depend if your lived in the property initially before it became a IP. If not there are many items that affect the cost base (up and down)

My tax checklist includes a CGT summary page that assists to explain and identify common cost base issues. Important if you have claimed depreciation and / or Cap allowances to adjust for this to reduce the cost base if the property was acquired after the relevant date.

 

Thanks for the responses. No, I didn't live in it before it became an IP. it was purchased off the plan and went straight to being an IP.

THANKS