Tax on sale of house

E

ear4drokin

Guest
Hi,

I'm hoping someone can help me with my query.

I bought my first house in 2003 and then sold in 2006.
Before I sold the house I released some equity to clear some credit union loans and for a deposit on a new house.

The sale on my first house was closed a couple of weeks after I moved into the new house.

I had approximately 160,000 euros left in cash from the sale which I deposited into my current account. Of the 160k, 40k was used to kit out and furnish the new house.

I'm just wondering would I be liable for any tax from the moneys deposited into my account from the sale of my first house?

I've tried searching the revenue website and I'm not coming up with any information.

I'm thinking I'm probably not because the house was my primary residence, but I just want to be sure.

Thanks.
 
AFAIK as long as you lived in the property for 12 months or more it is classed as your PPR and any profit from its sale is free of Tax.
 
As long as the house was your primcipal private residence throughout the period of ownership then you have no taxation issues arising from the disposal. See point 12 and following here
 
Thank you very much for the replies. I thought that was the case alright. Just needed confirmation.

Thanks again.
 
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