Ostroff, Fair and Company
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Capital gains tax...?


Can someone clarify for me...if I sell a small guest house I know I am liable for cap gains tax but am I able to deduct estate agents fees before my tax is assessed i.e. is it ok to use a really good and expensive estate agent because the fees are deductable anyway?

I believe such professional fees are deductible, yes.

But frankly, you should hire a chartered accountant to help you minimize your tax exposure.
i believe this is possible as i believe cap gains is only payable on net profit get some good financial advice from a proffessional there may be other legal ways to reduce your tax bill
Why would you unnecessarily crap away your profit on an over priced agent when you only have to pay 15% tax on the earnings?

Yes, the fees are deductible........
unless you are conspiring to cheat the tax men ..
i don't; see how you are going to gain by this
what you deprive the tax men .you will end up giving it to the estate agents ..
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