A Holiday Home owned for 20+ years and never rented
Can you claim the Council Rates for those years in your Cost Base when selling?
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Rates, insurance, repairs, interest = holding costs
Holding costs can reduce a capital gain, but not increase a capital loss.
You're too vague so maybe. If you need assistance, engage with a tax agent.
"You can’t:
- include costs you can claim an income tax deduction for
- include these costs in the cost base of collectables or personal use assets
- index these costs
- use these costs to work out a capital loss
- include these costs if you acquired the asset before 21 August 1991."
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