tunnellight
Registered User
- Messages
- 28
Hi,
Does anybody have any thoughts on this situation ?
Bought an apt with civil partner as PPR in 2007 €320,000
Moved out & rented it in 2009
In 2016 now Ex-Civil Partner signed the property to me in a Deed Of Transfer. No cash payment , as at that time apt was in negative equity .
Valuation at the time was €130,000 - this was a low ball valuation which I should have challenged, but at the time I didnt realise the later potential significance
Per PPR , transaction was reflected at a sale price of €65,000. ie 50% of €130,000
Fast Forward to 2022 , property is worth ~€240,000 & I wish to sell it , as I am out of negative equity
My concern is being hit with a massive CGT bill .
Can anyone advise on which amount the CGT will be calculated ?
Original Purchase price ?
Value at time of transfer ?
A mixture of both ? ie 50% of 319K , 50% 130,000
Thanks in advance for any advice
Does anybody have any thoughts on this situation ?
Bought an apt with civil partner as PPR in 2007 €320,000
Moved out & rented it in 2009
In 2016 now Ex-Civil Partner signed the property to me in a Deed Of Transfer. No cash payment , as at that time apt was in negative equity .
Valuation at the time was €130,000 - this was a low ball valuation which I should have challenged, but at the time I didnt realise the later potential significance
Per PPR , transaction was reflected at a sale price of €65,000. ie 50% of €130,000
Fast Forward to 2022 , property is worth ~€240,000 & I wish to sell it , as I am out of negative equity
My concern is being hit with a massive CGT bill .
Can anyone advise on which amount the CGT will be calculated ?
Original Purchase price ?
Value at time of transfer ?
A mixture of both ? ie 50% of 319K , 50% 130,000
Thanks in advance for any advice