Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Capital gains tax

  • 30-01-2012 4:33pm
    #1
    Marcanthony
    Closed Accounts Posts: 450 ✭✭


    Can anybody provide myself to any links in relation to property gains tax on rental properties.
    Thanks in advance


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Marcanthony wrote: »
    Can anybody provide myself to any links in relation to property gains tax on rental properties.
    Thanks in advance

    http://www.revenue.ie/en/tax/cgt/leaflets/cgt2.html

    It's a pretty straightforward tax - basically you pay tax on any gain between what it cost you and what you get when you sell it.

    It doesn't matter if you bought it for cash, or with a mortgage with an exorbitant interest rate - the hint is in the name - it's the gain on the capital value, so loan interest won't be a deductible expense.


  • #3
    Bruthal
    Closed Accounts Posts: 13,422 ✭✭✭✭Bruthal


    barneystinson wrote: »
    http://www.revenue.ie/en/tax/cgt/leaflets/cgt2.html

    It's a pretty straightforward tax - basically you pay tax on any gain between what it cost you and what you get when you sell it.

    It doesn't matter if you bought it for cash, or with a mortgage with an exorbitant interest rate - the hint is in the name - it's the gain on the capital value, so loan interest won't be a deductible expense.

    The revenue wont wait long for you to sell it, they will probably decide its value, and charge according to that. Even though you might not be able to sell it for that amount.


  • #4
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    robbie7730 wrote: »
    The revenue wont wait long for you to sell it, they will probably decide its value, and charge according to that. Even though you might not be able to sell it for that amount.

    :confused:

    Sorry, maybe I'm being thick, what do you mean?

    I'm reading it like you're suggesting that you can be charged CGT on a house you still own (which obviously isn't the case!).

    EDIT: I think maybe you've confused CGT with the proposed new valuation-based property tax Robbie...


  • #5
    Bruthal
    Closed Accounts Posts: 13,422 ✭✭✭✭Bruthal


    barneystinson wrote: »
    :confused:

    Sorry, maybe I'm being thick, what do you mean?

    I'm reading it like you're suggesting that you can be charged CGT on a house you still own (which obviously isn't the case!).

    EDIT: I think maybe you've confused CGT with the proposed new valuation-based property tax Robbie...

    No, i was thinking of properties being left to others, i dont know what way i was reading the OP, where they are talking about their own rental house:o


Advertisement