If you are resident in the US you are taxable in the US on all income worldwide, so you would pay the CGT there, if applicable. The situation vis-a-vis your tax liability in Ireland may come down to whether you are still "ordinarily resident" in Ireland for tax purposes. How long have you been resident in the US?
Thanks for reply. Moved to UK in '86 and onto US in '97. Never worked or paid income tax in Ireland. Only recently obtained a tax number for Ireland when I purchased the house we intend to move back to.
Unfortunately, You are liable to CGT in Ireland on the sale of your property in Ireland irrespective of where you are domiciled , resident, or ordinarily resident. You may also have a liability in the US but I know nothing about that
Thanks to Denis O Brien and others who made huge capital gain and paid no tax the Revenue changed the rules on disposals of assets for a gain a few years ago. Basically the property is deemed to be disposed of 5 years after a person ceased being resident. Therefore if you sold 1 Jan 07 the tranaction is backed to 1 Jan 02 for CGt purposes. So if you were resident at that time you have a liability. its pretty harsh when one considers that after 3 years of ordianry residence for income tax the same person would be deemed non resident for income tax purposes.
I am confused -why have you recently got a Irish tax number if non resident?