Selling House - CGT

J

Jildy

Registered User
Messages
123
Question:

If I sell my current house now and rent a house elsewhere in Ireland for a year am I subject to CGT on my profit on the sold house?

i.e. do I have to sell and buy again right away to avoid paying capital gains Tax.

J
 
If it's your PPR (i.e. you live in it) then you do not have to pay CGT when you sell. It doesn't matter what you use the money for after that.
 
You have one year to sell your principal private residence without paying CGT (presuming of course all the PPR conditions are met).

If you don't sell within 12 months, a time apportioned part of the gain will become taxable.
 
For some reason many people seem to think that if they sell their PPR but don't buy another one then they may be liable for CGT. This is not the case.
 
There seems to be some conflicting advise here on the thread.

Some say yes, some say no.....
 
Where is the conflict? No CGT if (a) you sell it within 12 months of vacating it as your PPR and (b) it was never rented out. Otherwise some portion of any resale gain will be assessable for CGT.
 
CLUBMAN is right!! You are not subject to CGT if it is your PDH. Check out the revenue site.






Nige said:
You have one year to sell your principal private residence without paying CGT (presuming of course all the PPR conditions are met).

If you don't sell within 12 months, a time apportioned part of the gain will become taxable.
Click to expand...
 
PAYEPLEB, if you live in this house as your PPR before you sell it, you won't be subject to CGT.
 
You must have genuinely lived there as you normal place of residence to qualify for PPR status. To some extent this is a self declared/assessed issue but lying would constitute fraud/tax evasion which carries serious penalties.
 
PAYEPLEB said:
How do the revenue define from a CGT point of view whether you've lived in it or not?
I mean you could have it furnished but might never has spent a night in it!
Click to expand...

If you haven't spent a night there, you haven't lived there. This ain't rocket science.
 
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