Persons A & B are 50/50 tenants in common on the title deed of a property. This property is the PPR of person A. A & B are strangers / category C for the purpose of the capital taxes.
Property has been paid for in full by person A, including deposit, mortgage and interest. The mortgage has been fully repaid. The property now needs to be transferred in full to person A.
Purchase price: €190,000
Amount repaid, including interest: €220,000
Current Value: €250,000
I’m trying to work out the chargeable gain for the CGT/CAT due however as person A has solely paid for the property is this taken into account? You can ignore stamp duty, that one is covered.
Thanks in advance for any guidance on this one.
Property has been paid for in full by person A, including deposit, mortgage and interest. The mortgage has been fully repaid. The property now needs to be transferred in full to person A.
Purchase price: €190,000
Amount repaid, including interest: €220,000
Current Value: €250,000
I’m trying to work out the chargeable gain for the CGT/CAT due however as person A has solely paid for the property is this taken into account? You can ignore stamp duty, that one is covered.
Thanks in advance for any guidance on this one.