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capital gains tax on house sale

  • 29-07-2012 8:10pm
    #1
    monkey8
    Registered Users, Registered Users 2 Posts: 386 ✭✭


    If you buy a house now and it increases in value just in line with inflation do you have to pay capital gains tax if you sell it?


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,647 ✭✭✭✭Victor


    monkey8 wrote: »
    If you buy a house now and it increases in value just in line with inflation do you have to pay capital gains tax if you sell it?

    If it is you principal private residence, you are not liable for CGT.

    Any other property, there is no more indexation and CGT is payable on the difference between purchase and sales prices. There is a small annual allowance (€1,000?).


  • #3
    monkey8
    Registered Users, Registered Users 2 Posts: 386 ✭✭monkey8


    thanks victor, very helpful.


  • #4
    shuyin1
    Registered Users, Registered Users 2 Posts: 364 ✭✭shuyin1


    No CGT if its your principal private residence, provided you live in it throughout the whole duration. Otherwise you'll be liable on the portion you did not live in, might be due to being sent to work abroad or somewhere in the state. There's a few rules but not important if it doesn't apply to you. The annual exemption is €1270.


  • #5
    Shane732
    Registered Users, Registered Users 2 Posts: 5,006 ✭✭✭Shane732


    A new incentive relief from CGT was introduced for the first seven years of ownership for properties bought between Budget night (2012) and the end of 2013.

    Where such property is held for more than seven years the gains accrued in that period will not attract CGT.

    Other main exemptions are PPR.


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