I would be extremely grateful for some assistance in completing the capital gains / losses section of my Self Assessment HMRC return for the 17-18 Tax Year.
I purchased a house in Florida in 2007 for $260 000. A mortgage for $200 000 was taken out for the purchase.
In October 2017 the house was sold to the bank for $100 through a Foreclosure sale. (The bank kept the $100 proceeds as part of the sale agreement).
Can someone please help in identifying how I complete the Capital Gains / Losses section for this sale? Notwithstanding purchase and sale costs my paper loss is $260 000 however as the bank has forgiven the mortgage debt as part of the foreclosure process my actual loss is only $60 000. I am unsure on how to complete the for and worried that HMRC will see the $100 sale as suspicious. (I obviously have all the paperwork from the courts relative to the sale).
I also assume that I should convert the figures into GBP based on the exchange rates at the time of purchase and sale rather than todays exchange rate.
Thanks in advance for any assistance.
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