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What does 'sole or main' residence mean

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  • 28-10-2004 9:54pm
    #1
    mrhappy42
    Registered Users Posts: 384 ✭✭


    Capital gains tax seems to be except when you sell a house under these conditions:

    "(x) a gain on a dwelling-house (including grounds of up to one acre) where the house has been used as an individual’s only or main residence (or, under certain conditions, as the sole residence of a dependent relative) during the individual’s period of ownership. In certain circumstances there may be a restriction on the relief or partial relief may be due." - from some tax web site.

    (1) What happens when I own a house for say 10 years and decide to live in outer mongolia and work for a year or so and then move back to Ireland?

    (2) What happens if I never move back?

    (3) What prove do I need to say this is my main or sole residence

    (4) What happens in the case of the above if I leave my house unuccopied versus renting it out.

    Thanks a million...just cannot find reference of these things on the websites.


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    #2
    Nuttzz
    Registered Users Posts: 3,773 ✭✭✭Nuttzz


    "(1) What happens when I own a house for say 10 years and decide to live in outer mongolia and work for a year or so and then move back to Ireland?"

    Nothing, even if you sell your house to move abroad you dont pay CGT

    "(3) What prove do I need to say this is my main or sole residence"
    The usual, bills, bank statements, deeds of mortgage/ house

    "(4) What happens in the case of the above if I leave my house unuccopied versus renting it out."

    if you mean leave it while you work abroad, you wont pay any tax.

    What you are looking for isnt very clear, care to clarify it?


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    #3
    mrhappy42
    Registered Users Posts: 384 ✭✭mrhappy42


    I want to live abroad, rent out my house for a year or so and then move back to ireland possibly sell the house and not have to pay CGT.

    The issue if you rent the house is that you have no way of proving its your sole or main residence as you dont have any bills...and in effect your main residence is abroad...What I want to understand is the underlying rules of when a house is or is not your sole or main residence and hence the impact of the GCT.


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    #4
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    I'm pretty sure there is a special exemption for people who are moved abroad by their employer temporarily, but I'm not 100% familiar with the details. Check out Revenue's website and/or Askaboutmoney.com for more details.


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    #5
    mrhappy42
    Registered Users Posts: 384 ✭✭mrhappy42


    http://p200.ezboard.com/faskaboutmoneyfrm5.showMessage?topicID=1214.topic

    thanks


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