# Capital Gains Tax



## Oscard (Apr 24, 2019)

Good afternoon, new to the forum and would be grateful if someone could advise me what capital gains tax I will have to pay on a 5,000€ profit on the property I have lived in for twelve years and have just sold. I have now purchased another property also in Portugal, can the sales commission on the property I have sold and taxes on the new property be offset against the CGT? Thanks in advance for any advice.


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## RichardHenshall (Jul 26, 2009)

Properly documented expenses of buying and later selling your original property can be deducted in the computation for the taxable profit on the original property.


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## Oscard (Apr 24, 2019)

Many thanks Richard, that is what I hoped for. I will claim the selling expenses that were nearly triple the profit, maybe Financas will owe me money!!


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## Ukkram (Aug 21, 2018)

Oscard said:


> Many thanks Richard, that is what I hoped for. I will claim the selling expenses that were nearly triple the profit, maybe Financas will owe me money!!


A Capital Loss can only be carried forward and be used to offset future Capital Gains.

I speak under correction but I read that if you sell your PT home and buy another with the proceeds within a certain time frame then no tax will be due by you.


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## Oscard (Apr 24, 2019)

Thank you Ukkram, I don't think I will have a problem as I have also submitted 23,000€ documented expenses for work carried out on the property so actually, even with a sale profit of 5,000€, I am down 36.000€ if you include the sales commission and notary cost.


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