Must I make a CGT return if I sell the family home?

M

Malgorzatka

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my and my ex partner bought a house for 300k in 2018. It was our PPR and i live there untill August 2022 where i was on posting with my Job. It was my PPR for all the time untill sale. I sold It to my ex partner November 2022 and he bought It off me. Where New value of the house in 2022 we assumed 360k.

Originally We boroughs the house on mortgage of 250k and each of us gave 30 to cover difference and cost.

Wa agreed I will receive 55k which was a return of my costs as well return of my part of mortgage repayments.

Transfer of deeds said I received 180k?! (Half of 360k)
110k went to pay my side of mortgage and I received 55k. 15k difference was what was my discount to the person I was due but did not get.

Could it be more complicated. Sorry

When I fill CGT1 is my aggregate consideration 180k or 55?

In point 5. Disposal of ppr enter amount consideration is it 180k or 55k

Where do I highlight my cost of buy and sell and can I include inflation - purchase price x 1.277.

Thank you for any guidance!
 
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Where do I include cost of the original buy and sale. Can multiple buying price with inflation 1.277? Or would the inflation be different between 2018-2022?
 
hi Protocol, do I need to submit the CGT1 form to revenue, even no tax is due?

On the form do I enter oringnal buy amount?
 
No.

If you lived in the house, and then sell it, you don't need to do anything.

There is no need to do a CGT return on the sale of a house you lived in.
 
Protocol said:
If you lived in the house, and then sell it, you don't need to do anything.

There is no need to do a CGT return on the sale of a house you lived in.
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I am not sure this is correct. From Revenue:

When to file your CGT return​

You must file by 31 October in the year after the date of disposal. You must do this even if no tax is due because of reliefs or allowable losses.
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I have never heard of anyone filling in a CGT form for the sale of their Principal Private Residence.

OP, you don't need to do anything. No tax is due. And no CGT return is due.

Brendan
 
T McGibney said:
It doesn't really make any difference whether they file one or not, once they're exempt. I'd guess that most PPR sales aren't followed by a CG1 filing.
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The only material difference as a result of not filing in relation to a PPR disposal, is that there would be no statutory time limit on Revenue making enquiries into the disposal. Very unlikely to happen, in reality, but it is a fundamental difference between having filed a return versus not.
 
torblednam said:
The only material difference as a result of not filing in relation to a PPR disposal, is that there would be no statutory time limit on Revenue making enquiries into the disposal. Very unlikely to happen, in reality, but it is a fundamental difference between having filed a return versus not.
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In my experience, no-one ever even asks.
 
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