CGT on rental property that used to be my home?

[redcard]

Can I ask if I sell my rental property am I liable for cgt on the Full amount or the difference between the original purchase price and the now value or the difference between the value it was when it ceased being my private residence and the value it is now

 

[ClubMan]

The CGT approach in this case (a property that was both one's PPR and also rented out at different times) is outlined here (example 2):

Principal Private Residence (PPR) Relief

This page outlines Principal Private Residence (PPR) Relief

www.revenue.ie

If you're not clear on the tax issues (and this thread suggests that to be the case) then you should get professional advice.

 

[redcard]

Yes thanks I will be getting professional advice when the tile comes, I’m just trying to figure out where I stand for now

 

[moneymakeover]

the difference between the value it was when it ceased being my private residence and the value it is now

I think the way it works
Say you own it for 10 years
You lived in it for 3 years
You're liable for 7 / 10 the cgt

Or you can deduct 3 / 10 = 30%

 

[ClubMan]

I think the way it works

Why guess - and get it wrong - when I already posted a link that explains the CGT tax treatment in this situation?

You omitted the fact that the last 12 months/365 days are also exempt even if the property is rented at that time. Also, a more accurate calculation would be done using days rather than round years. The Revenue example uses round years for simplicity and for the purposes of illustration.

 

[10amwalker]

Thank you Clubman I was not aware of this CGT relief based on the years the property was your PPR. As always excellent accurate advice.

 

[moneymakeover]

You omitted the fact that the last 12 months/365 days are also exempt

Ah so I was broadly correct, with that extra detail. Hurray.

 

[ClubMan]

Ah so I was broadly correct

No, you were wrong because you were guessing.