Hi,
I am thinking of selling the property I bought in May 2010 which was bought solely to rent out.
I had mis-read the rules re CGT and selling within 3 yrs, I thought it was no tax, but closer inspection, will be taxed on any profits. (we don't want to live there for a year as main property)
I bought the property for 183k, plus solicitor fees, plus stamp duty of 1%. Spent about 2k on carpets, new flooring. Recently, similar property sold for 210k in same road.
My questions:
For CGT purposes, how do I get the market value.
The property is in joint names, ie myself and my wife.
Me and the wife have never used any CGT allowances.
Approximately what tax will we both have to pay if any?
Many thanks.
I am thinking of selling the property I bought in May 2010 which was bought solely to rent out.
I had mis-read the rules re CGT and selling within 3 yrs, I thought it was no tax, but closer inspection, will be taxed on any profits. (we don't want to live there for a year as main property)
I bought the property for 183k, plus solicitor fees, plus stamp duty of 1%. Spent about 2k on carpets, new flooring. Recently, similar property sold for 210k in same road.
My questions:
For CGT purposes, how do I get the market value.
The property is in joint names, ie myself and my wife.
Me and the wife have never used any CGT allowances.
Approximately what tax will we both have to pay if any?
Many thanks.