capital gains tax help!

Y

yellowroses

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I was just browsing thru threads looking for income tax info for my husbands new job as he has to sort out his own tax (new employer wont do it) when i came accross a thread about capital gains tax. I had never heard of this before so i just read it out of interest but i have a bad feeling it may be something that applies to me.
Last year we sold our house & made a profit of 90k. we sold as i was back in college full time so we needed money so that i wouldnt have to drop out. when we sold we went back renting & lived off the money we got from the house until i finished college, we then used the rest (after paying back loans etc) to go to australia for a year in which time i became pregnant so we returned to ireland a few months ago to have my baby. so.. now we are back renting with only my husband working as baby is 8 wks old & renting with none of the money we got from house 2 years ago left.
so can anyone tell if this capital gains tax stuff applies to us? we have never heard of it til today so im thinking surely when we were selling someone would have informed us of something like that if it applied to us?
If anyone can help please reply, Thanks!
 
CGT is not levied on the sale of your primary dwelling, so if the house you sold was the house you were living in, no CGT
 
emma28 said:
I was just browsing thru threads looking for income tax info for my husbands new job as he has to sort out his own tax (new employer wont do it)
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It isn't the responsibility of the employer to sort out an employee's tax. The employee must provide the employer with either a P45 from previous job or apply for a certificate of tax credits. In the absence of which all the employer does is operate emergency tax. That is what they are obliged to do. Once the employee has a proper tax instruction the employer operates that.
 
thank you for the reply re cgt, was v worried for a while! I am fully aware that employer is not obliged to sort out my husbands tax, its just that neither of us really has a clue where to start with regard to us doing our own taxes so i was just hoping to gain some insight! thanks again
 
Mpsox said:
CGT is not levied on the sale of your primary dwelling, so if the house you sold was the house you were living in, no CGT
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Just to clarify - if the house you sold was always your home and you sold it within 12 months of vacating it then no CGT applies.
 
As regards income tax if you do not wish to employ an accountant then visit your local tax office - do not write as too slow. Get a list of offices on the Revenue website. Your local TD can also often help if you were to attend a clinic.
 
yes the house was always our home ie never rented out. as soon as it was sold we moved out immediatly
 
simplyjoe said:
As regards income tax if you do not wish to employ an accountant then visit your local tax office - do not write as too slow. Get a list of offices on the Revenue website. Your local TD can also often help if you were to attend a clinic.
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Unless your local TD is an accountant or tax advisor by profession, or is an idiot, he or she will steer clear of dispensing tax advice to you or anyone else. If they were to be implicated in "aiding or abetting" a deliberate tax default by a constituent they could be exposed to prosecution and, presumably, a controversy that could finish their career.
 
ubiquitous said:
Unless your local TD is an accountant or tax advisor by profession, or is an idiot, he or she will steer clear of dispensing tax advice to you or anyone else. If they were to be implicated in "aiding or abetting" a deliberate tax default by a constituent they could be exposed to prosecution and, presumably, a controversy that could finish their career.
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Who said anything about tax default? Some of my local TDs often dispenses advice to constituents. If it is complicated they ask them to see an accountant or to visit the tax office. For some country people these are the only officials they see or trust.
 
I agree wholeheartedly with ubiquitous. Who in their right mind would seek tax advice from a TD?
 
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