Two homes - tax implication query

E

elainec

Guest
Hi Guys,

We're looking to buy a home down the country (will be main residence) and an apartment in Dublin. The apartment will be for our use while working but I'm not sure of the tax implications with having two homes. Can anyone please assist?
 
When you say "we", I assume you are a married couple is that correct?

For Capital Gains tax a couple can only have one main residence, but you can elect for which property you wish to be considered to be your main residence if the election is made within certain time limits.

You should seek professional advice to structure your main residence based on your intentions for the future e.g. you want to sell one property first.
 
Thanks Domo,

Yes I'm married. I better go look for an accountant now - don't want to do this wrong and end up with a large tax bill if we sell one of the places in future.

Rgds

Elaine
 
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