- August 2, 2008 at 1:08 pm #54226
I know that CGT is now 18% of net profit when you sell. But can anyone tell me how to work out the net profit? I understand there is a co-efficient to apply to your purchase price before calculating CGT.
Basically we bought in 2003 for 75k€ and are contemplating an offer of 125k€. We have an outstanding mortgage of just under 30k€.
Also any information about selling costs in addition to legal fees and estate agency fees?
- August 2, 2008 at 2:38 pm #85641
If you bought in 2003 and sell in 2008, the coefficient is 1,1040. This is applied to your declared (escritura) value plus any allowable costs associated with the purchase and also improvements.
From the declared (escritura) sale price you can also deduct any allowable/applicable associated costs (real estate commission, lawyers fees, plus valia and notary and registry fees).
The coefficients are published annually, current ones here:
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