Thank you Bronte
CGT
I purchased apt for 254,000 Euro in 2002. I took out a mortgage of 200,000. The 70,000 legacy that I put in was the 54,000 plus furnishing and other costs I think. My memory is a slight bit hazy on this but my solicitor at the time, my sister-in law, can help me on that score. I like to keep everything in the family
I was calculating CGT at 30% on the 295,000 sales price minus 140,000 left on mortgage so you are giving me some hope! Is it 30% of 295,000 minus 254,000?
Rental Income Tax
Personally I find it hard to believe that I didn't cop on to this myself but I kept myself to myself most of those years and thought that since I wasn't gaining any income from the property that I wasn't in the zone yet where I needed to pay any rental income tax. I thought that came later on.
I don't want to play dirty but if no other tenant has sought my PPS number or VAT number does it pose a problem? Could they ask in future? No, I haven't talked about it until now but I don't know how beginner landlords survive all of the costs, taxes, headaches and heartaches associated with buy to let. I wasn't even breaking even and that was without paying my rental income tax!
Revenue
I've been to an accountant but I think I did the poor man's head in. He became overwhelmed with my situation/mess and I haven't heard from him since! There was no clarity for either of us but with your help and the other contributors I'm beginning to see where I stand.
Family
My family have been very supportive to me throughout and I want to repay them for that. It will also be good for me, a statement that I can manage to to do it. Self esteem is what you lose most with my condition. Plus it would empower me to leave the old nest and make my own way, however small.
Thanks Bronte for your great help and all of you out there.
I would be interested to hear your comments.