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CGT on former principal residence

  • 26-06-2014 5:47pm
    #1
    Registered Users, Registered Users 2 Posts: 2,437 ✭✭✭


    Looking for direction on this please:

    We moved house in 2007 due to my job re-locating back to base, we subsequently built a home and moved in in 2010 having rented and stayed with family in the meantime. We tried to sell our original house and failed so we rented it out from 2009.

    We are now looking to sell our previous house and use most of that money to pay off a part of our current mortgage (we owe family €17k for land our new house was built on). Net of that €17k, we would hope to have about €80k-€100k left to pay off our current mortgage.

    My question is, do we pay CGT on the sale if we are using the money for the most part to pay off our mortgage on our principal residence?

    Thanks in advance.


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