CGT on Principal Residence Home

Orangefruit

New Member
Messages
6
Hi all,

It might be a silly question for some of you , but see below:

If you sell your principal residence house , I understand there is no CGT to be paid as it is your principal residence.

But what if you can't find your dream house to buy straight after selling your home and sit with the money in an account for I don't know let's say a year waiting to find the right house. Do you have to pay any capital gain tax then if you left the money in an account for quite a while ? As I said, it is in the event you don't find the right house for a while.

Thank you
 

Orangefruit

New Member
Messages
6
No CGT but you will have to pay DIRT on interest if you manage to get any !!
I get you if you sit with the money in the bank , you may acquire some interest even so the interest at the moment is non existent and pay DIRT on that . thank you
 
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