Hi all,
I've bounced off a number of articles including Revenue's to try and calculate but I'm just not 100% sure I'm doing this correctly. Could anyone take a look and see if I'm making a correct calculation please? Or have I made a total mess of it?
I had used articles like this https://www.irishtimes.com/business...-gains-tax-bill-on-selling-property-1.4778630 to assist with the flow of the calculation
My understanding was to
1. Calculate sale - purchase price + expenses to establish net gain
2. If property was home residence for period, calculate portion of gain where it was not as that is the liable portion
3. Finally deduct the allowance to give total liable gain figure and CGT is 33% of that.
I've bounced off a number of articles including Revenue's to try and calculate but I'm just not 100% sure I'm doing this correctly. Could anyone take a look and see if I'm making a correct calculation please? Or have I made a total mess of it?
I had used articles like this https://www.irishtimes.com/business...-gains-tax-bill-on-selling-property-1.4778630 to assist with the flow of the calculation
My understanding was to
1. Calculate sale - purchase price + expenses to establish net gain
2. If property was home residence for period, calculate portion of gain where it was not as that is the liable portion
3. Finally deduct the allowance to give total liable gain figure and CGT is 33% of that.
| Sale Price | 240,000 | (Nov 2023) |
| Purchase Price | 192,500 | (Feb 2006) |
| Solicitor (Purchase) | 2570 | |
| Solicitor (Sale) | 2780 | |
| Auctioneer (Sale) | 4428 | |
| Expenditure/Costs | 5200 | Enhancement expenditure, sale prep, decorating etc. |
= | 207,478 | |
| Net Taxable Gain | 32,522 | 240,000 - 207,478 |
| Liable Gain based on years property let 7/17 yrs * 100 = 41.17% of 32,522 | 13,389 | Property was our home 2006-2015 (9years) so rented for 8yrs out of 17 & final year of ownership is calculated at owner-occupied from what I understand, regardless of letting so 7 years eligible? |
| Personal Exemption | 2540 | Joint ownership between my wife and I |
= | 10,849 | |
| CGT Owed (33%) | 3580 | 33% of 10,849 |
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