If you build your first home are you a first time buyer

collymc23

might be a stupid question but im not 100% certain on this can somebody confirm it...

Victor

That property counts as the first purchase.

"First time buyers" are people who never owned a residential property - anywhere in the world.

collymc23

thanks

mmc2010

what if you owned a house but never claimed tax relief, are you still a FTB in the eyes of the revenue. I know you wouldn't be in the eyes of the bank...

Victor

I doubt it.

The_Conductor

mmc2010 wrote: »

what if you owned a house but never claimed tax relief, are you still a FTB in the eyes of the revenue. I know you wouldn't be in the eyes of the bank...

For tax purposes- once you have owned property- anywhere in the world, irrespective of whether you claimed tax relief or where in the world the property is- you are not a first time buyer, and do not qualify for any of the FTB measures.

mmc2010

smccarrick wrote: »

For tax purposes- once you have owned property- anywhere in the world, irrespective of whether you claimed tax relief or where in the world the property is- you are not a first time buyer, and do not qualify for any of the FTB measures.

just to clarify...I rang the revenue dept and eventhough my husband owned a house previously, he never lived in and would not have been entitled to claim tax relief previously. He is therfore a ftb in the eyes of the revenue and entitled to full tax relief entitlement.....:)

The_Conductor

mmc2010 wrote: »

just to clarify...I rang the revenue dept and eventhough my husband owned a house previously, he never lived in and would not have been entitled to claim tax relief previously. He is therfore a ftb in the eyes of the revenue and entitled to full tax relief entitlement.....:)

Get it from them in writing- because what you have been told contradicts the 2009 Stamp Duties Consolidated Act- which is quite specific in how it defines a First Time Buyer.

mmc2010

Hi smccarrick, I understand what you're saying and will try and get it in writing but I would imagine the rules would be different in relation to Stamp Duty. I looked at the revenue site again and where our circumstances may differ is in relation to the below criteria;

Section 2: What is a Qualifying Mortgage?

A qualifying mortgage for the purpose of interest relief is a secured loan, used to purchase, repair, develop or improve your sole or main residence, situated in the State. You can claim tax relief in respect of the interest paid on this loan or mortgage.


The mortgage that my husband took out would not have been for his main or sole residence - he never lived in it - and therefore would not have been a qualifying mortgage.
Will ask the revenue again but will send an email this time just in case

martha22

hi
don't know if anyone will be able to help me with this...
i've started building house in poland ( we have only walls and roof done), but recently thinking about selling the one in poland any buying one here. can i still be a first time buyer here?

Victor

martha22 wrote: »

hi
don't know if anyone will be able to help me with this...
i've started building house in poland ( we have only walls and roof done), but recently thinking about selling the one in poland any buying one here. can i still be a first time buyer here?

You would need to check with the Revenue Commissioners, they might take different levels as to what is a house - foundations complete, roof on, building sealed, building occupied. www.revenue.ie

The_Conductor

mmc2010 wrote: »

Hi smccarrick, I understand what you're saying and will try and get it in writing but I would imagine the rules would be different in relation to Stamp Duty. I looked at the revenue site again and where our circumstances may differ is in relation to the below criteria;

Section 2: What is a Qualifying Mortgage?

A qualifying mortgage for the purpose of interest relief is a secured loan, used to purchase, repair, develop or improve your sole or main residence, situated in the State. You can claim tax relief in respect of the interest paid on this loan or mortgage.


The mortgage that my husband took out would not have been for his main or sole residence - he never lived in it - and therefore would not have been a qualifying mortgage.
Will ask the revenue again but will send an email this time just in case

There are different qualifying mortgages- a first-time buyer has different entitlements to a non-first-time-buyer, however both would have been entitled to TRS on their mortgage (a mortgage taken out for an investment property- would not be a qualifying mortgage).

Read all the nitty gritty- and make sure the property you are looking at ticks all the boxes precisely- as its proposed to do away with TRS altogether by 2017 (and abolish mortgage interest as an allowable deduction for landlords in the same timeframe- they have already reduced it to 75%)

Note- with respect of stamp duty- once you keep under the 125 square meters, you are home and dry in any event (if you'll excuse the pun).

The_Conductor

Victor wrote: »

You would need to check with the Revenue Commissioners, they might take different levels as to what is a house - foundations complete, roof on, building sealed, building occupied. www.revenue.ie

+1 to this. Get a definition, in writing, from the Revenue Commissioners. Make sure you get it in writing.