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Selling a House

  • 09-11-2005 11:26am
    #1
    bennyc
    Registered Users, Registered Users 2 Posts: 1,907 ✭✭✭


    I have a house for the last seven years and am currently building
    I cannot decide if I will have to sell the house when I move but i could have to in a few years. How long can I hold onto it before I am liable to capital gains. Basically I dont have a pension but I would see holding onto the house as a better investment I dont think I can afford both


Comments

  • #2
    Maccattack
    Closed Accounts Posts: 1,322 ✭✭✭Maccattack


    If you move into another house and keep this one as an investment you will pay capital gains tax regardless of how long you keep it.

    actually, i think you might be able to hold onto it for a year. sorry not 100%.

    But i do know that the tax you are liable for is from the time you bought the hoise til the time you sell it. NOT for the period you rent it out.


  • #3
    ck1
    Registered Users, Registered Users 2 Posts: 123 ✭✭ck1


    Jsut for info for you Capital Gains Tax in situation like this is based on a Time Apportionment basis so you would not be liable for CGT based on the full gain from original purchase price.


  • #4
    Maccattack
    Closed Accounts Posts: 1,322 ✭✭✭Maccattack


    ck

    can you give any more info?

    My undersatnding is as above. Why would this situation be different?


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