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Sole trader - Capital gains tax on sale of home

  • 15-02-2012 02:16PM
    #1
    K_2008
    Closed Accounts Posts: 26 ✭


    Hi,

    I've recently registered as a sole trader where the registered business address is my own home. I've just read (in the TAB guide to money, pensions & tax 2012 book) that if you sell your home you may be subject to Capital Gains Tax for the part of your home which was used as a business.

    Can anyone shed some light on this as its after frightening the life out of me & it wasn't brought to my attention before!

    Thanks,


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    This would only apply if you made a part of your home specificly for use as a part of your business to such an extent that it could not be used as part of your residence also.

    Claiming a portion of the mortgage interest as an expense of the business would also not be clever.

    Kind Regards


    dbran


  • #3
    K_2008
    Closed Accounts Posts: 26 ✭K_2008


    Thanks for the input dbran. All parts of the house would be used as my residence and not for office only, so that's good to know.

    Kind Regards,

    k_2008


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