Capital Gains on sale of home

tcif

Hello, just wondering if anyone knows how this would work:

My partner and I are currently looking at moving house and rather than sell up first and paying large amounts of money on rent until we find a property we like, we're considering buying first with bridging finance and then selling and I'm wondering how this works for capital gains? If we buy and move and our existing home is no longer our principle residence does that mean its sale would not be exempt from CGT? We would be looking at putting it on the market as soon as we have a new place but realistically there would be a period we'd be in the new place before this one sold (for what it's worth, our existing home is in my name only and I've lived there 10 years). Thanks for any information

Alan Shore

Would love to help but I've been banned a number of times for helping cos property related queries are prohibited.


Have a look at Revenue website http://www.revenue.ie/en/tax/cgt/cgt-faqs.html

Hope that helps.

tcif

Thanks, will have another look at the Revenue pages.

Mods, sorry if I asked a question I wasn't supposed to

Howjoe1

Some general info.

A house used as a PPR entirely for period of ownership is exempt from CGT.

The final 12 months of ownership is allowed as a period of deemed occupation even if you did not leave there in the final year. This allows for situations where someone is waiting to sale etc. which might cover your situation.

Mr. Incognito

This is not appropriate for this forum, please read the charter.

You could face significant CGT costs if you muck it up. Seek professional guidance.