Building a house and Tax.

V

v-gruane@mic

Guest
Hi there.

We are selling a house during the summer and hopefully will make a profit of about €115-€120K. My question is if we leave it any more than a year to start building after the sale of the other house, do we have to pay tax on profit we made from the sale?

Regards
 
If the house being sold is your Principal Private Residence (PPR) then you are not liable for any tax (in particular CGT) on the profits regardless of how long it takes you to find/build a new PPR.
 
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