Selling a Property

Hi All

About 1.5 years ago my Friend and I brought a 2 bed apartment in Dublin we didnt pay stamp duty on the property as we were first time buyers.
Due to circumstances we have decided to sell the apartment and hopefully try and make our money back on the investment.

My Question is : If we sell the apartment will we face any penalties or charges of any kind for selling within 2 years?

A friend was telling me that if you sell within 3 years of purchase you need to pay a penalty of some kind? Im not in the know about this so i dont know what to believe so could some shed to light on this for me.

Also is there anything else i should know about selling my property that I may over look or not know about?

Thanks
Gary

Gary_b said:

My Question is : If we sell the apartment will we face any penalties or charges of any kind for selling within 2 years?

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If it was your PPR (Principal Private Residence) over that period then there are no tax issues. If it was an investment property rented out then that's another matter.

A friend was telling me that if you sell within 3 years of purchase you need to pay a penalty of some kind?

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No - perhaps they were thinking of the 2 (was 5) year stamp duty clawback period applicable to the renting out of a property originally purchased as a PPR?

Also is there anything else i should know about selling my property that I may over look or not know about?

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Well if it was always your joint PPR then there are no tax issues once you dispose of it within 12 months of vacating it as your PPR.

hey clubman
thanks for the info it really helps me out. So we really shouldnt have any problems once it wasnt rented out ?

Once it wasn't rented out (other than under the owner occupier rent a room scheme), was always your PPR and is disposed of within 12 months of vacating it as your PPR.

Gary_b said:

Hi All

About 1.5 years ago my Friend and I brought a 2 bed apartment in Dublin we didnt pay stamp duty on the property as we were first time buyers.
Due to circumstances we have decided to sell the apartment and hopefully try and make our money back on the investment.

My Question is : If we sell the apartment will we face any penalties or charges of any kind for selling within 2 years?

A friend was telling me that if you sell within 3 years of purchase you need to pay a penalty of some kind? Im not in the know about this so i dont know what to believe so could some shed to light on this for me.

Also is there anything else i should know about selling my property that I may over look or not know about?

Thanks
Gary

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I think this will be your main problem.
According to the IAVI second hand apartments in Dublin dropped by 17% last year. So it may be difficult to recoup your investment.

Do ye really have to sell right now?