Keeping Property records

Keeping records

With the general growth in house prices over time, it is likely that a capital gain rather than a loss will be generated.

That is, when disposing of a property that has been held for a number of years.

In order to minimise this gain and the resultant tax, it is important for homeowners to keep a record of the cost of all renovations.

Keep a record of improvements incurred on the property over the years. These can be included in the base cost when the property is eventually disposed of, says Burman.

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It is also worthwhile consulting your tax adviser when considering a move. You want to establish any potential tax liability that may need to be factored into your decision.

Author: Jeremy Burman

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