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Capital Gains Tax on New House ?

  • 06-02-2006 9:04am
    #1
    fatboypee
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭


    Hey Guys

    Just wondering if anyone can shed any light on whether or not I would be liable for Capital Gains Tax if I sold my newly constructed family home ? I've no other houses but thinking I may have to sell it. I was told by someone that CGT is payable if the house is sold before 1 year ??

    Thanks

    Fatboy.


Comments

  • #2
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    fatboypee wrote:
    Hey Guys

    Just wondering if anyone can shed any light on whether or not I would be liable for Capital Gains Tax if I sold my newly constructed family home ? I've no other houses but thinking I may have to sell it. I was told by someone that CGT is payable if the house is sold before 1 year ??

    Thanks

    Fatboy.

    That's BS, if it's your principal private residence then there's no CGT if you make a gain.


  • #3
    fatboypee
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭fatboypee


    Thanks


  • #4
    boardy
    Closed Accounts Posts: 322 ✭✭boardy


    Keyser Soze 5 wrote:
    That's BS, if it's your principal private residence then there's no CGT if you make a gain.

    I am not sure about that.
    I was recently told that I have to hold onto my newly bought principal private residence for one year before selling it (and not pay CGT).


  • #5
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    boardy wrote:
    I am not sure about that.
    I was recently told that I have to hold onto my newly bought principal private residence for one year before selling it (and not pay CGT).


    Ok I doubled check this with our tax specialist, and he said what I prevously stated is true.


  • #6
    boardy
    Closed Accounts Posts: 322 ✭✭boardy


    Keyser Soze 5 wrote:
    Ok I doubled check this with our tax specialist, and he said what I prevously stated is true.

    Maybe I have to pay CGT because my house is not new and selling it within one year?


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