I have recently moved to Galway. I have a property in Dublin which I purchased 3 years ago. I am planning on building a house in Galway which will be ready for mid 07. I bought the house in Dublin as my primary residence and still consider it my primary residence(living with family at the minute in Galway).I am trying to figure out what to do with the house in Dublin.
I know that I could be liable for stamp duty on the purchase price i paid on the house 3 years ago if i rent it out before 5 years after purchase(i.e. it would be considered as an investment property). Assuming that the new house will be ready in Summer 07 it will leave me 18 months short of the 5 year figure.
I believe that when the new house is built it will become my primary residence and I will have 12 months to sell the dublin property without having tax implications.
If anyone could offer advise on the most efficient approach in terms of keeping the 2 properties from a tax perspective I would be extremely grateful
Thanks
I know that I could be liable for stamp duty on the purchase price i paid on the house 3 years ago if i rent it out before 5 years after purchase(i.e. it would be considered as an investment property). Assuming that the new house will be ready in Summer 07 it will leave me 18 months short of the 5 year figure.
I believe that when the new house is built it will become my primary residence and I will have 12 months to sell the dublin property without having tax implications.
If anyone could offer advise on the most efficient approach in terms of keeping the 2 properties from a tax perspective I would be extremely grateful
Thanks