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You may only have one PPR at any time.The government gives you 12 months to sell your PPR & NOT pay CGT. But when does the clock start ticking on that 12 months?? I have only lived in my new house for 10 months but started paying the mortgage 15 months ago! So how will this be viewed by the government?
My impression of the CGT was that, allowing for whatever indexation & time of ownership etc i have to pay 20% on the profit which i figure out to be around 250,000 @ 20% - 50,000 CGT.. Do your figures refer to the gov allowing the 12mth exemption?
Well, at least now if the home wasn't/isn't considered a PPR for this period you won't have any additional complications on the TRS side of things.I have only just submitted a TRS form for my new home.
Technically, I'm not sure if either property was considered a PPR for this period. If you returned to live in the apartment after this trip, it's possible that Revenue may accept the apartment was your PPR for this time, but I'd confirm this with a Tax expert. Try searching through the Revenue CGT forms for information relating to this sort of event. You're far from the only person who has done this so the details should be clearly stated for the situation, I just don't know what they are.I didn't move in as i had a 2 month trip planned for Australia
My figures do take into account the 12 month exemption.....The apt cost 56,000 euro & i spent 70,000 on it over the years. I hope to sell for 400,000 making 274,000. My impression of the CGT was that, allowing for whatever indexation & time of ownership etc i have to pay 20% on the profit which i figure out to be around 250,000 @ 20% - 50,000 CGT.. Do your figures refer to the gov allowing the 12mth exemption?
Technically, I'm not sure if either property was considered a PPR for this period. If you returned to live in the apartment after this trip, it's possible that Revenue may accept the apartment was your PPR for this time, but I'd confirm this with a Tax expert. Try searching through the Revenue CGT forms for information relating to this sort of event. You're far from the only person who has done this so the details should be clearly stated for the situation, I just don't know what they are.
Possibly someone here on AAM may be able to clarify the situation relating to the months spent travelling.
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