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PPR Relief of owns two properties

  • 10-07-2014 7:42am
    #1
    ABCCBA
    Registered Users, Registered Users 2 Posts: 9 ✭


    HI,

    I have a question about PPR Relief. If I owns two properties, a family house in Dublin and a holiday house in Limerick. Which one should I sell ? , and using the proceeds to purchase a new home in Co. Clare. Reasons and why?

    Thank You?


Comments

  • #2
    MouseTail
    Registered Users, Registered Users 2 Posts: 1,663 ✭✭✭MouseTail


    ABCCBA wrote: »
    HI,

    I have a question about PPR Relief. If I owns two properties, a family house in Dublin and a holiday house in Limerick. Which one should I sell ? , and using the proceeds to purchase a new home in Co. Clare. Reasons and why?

    Thank You?

    Not nearly enough informarion to answer the post.
    Are you moving to Clare, will this new house be your PPR?
    Will you continue to use your holiday home in Limerick, how often?
    Do you rent out your holiday home to others, if so, what is the after tax profit/loss?
    Do you have a mortgage on the Dublin house? What is the projected loss/profit if you rent it out?
    Are you financing the new house with a mortgage?
    Do you want to be a Landlird?


  • #3
    ABCCBA
    Registered Users, Registered Users 2 Posts: 9 ✭ABCCBA


    sorry, this is actually the practice question on my taxation foundation course.

    Mary and her husband Thomas own 2 separate properties, a holiday home In Kilkee, Co.
    Clare and her family home In Limerick City. Due to her working on large projects in
    Dublin and her husband Thomas relocating to Dublin for work they have not used either
    home in the last 2 years. Thomas has been offered early retirement and plans to help
    Mary with her Event Management business. They no longer need both homes and are
    considering selling one of them and using the proceeds to purchase a new home in
    Dublin. The remaining home will act as a second home for breaks from Dublin. They
    have no clear preference which one of the two properties to hold on to as both would be
    ideal for this purpose.

    I know that they should sell the family home In Limerick City, but I want to know the answer in details, could you please explain to me?


  • #4
    The_Morrigan
    Registered Users, Registered Users 2 Posts: 9,368 ✭✭✭The_Morrigan


    ABCCBA wrote: »
    sorry, this is actually the practice question on my taxation foundation course.



    I know that they should sell the family home In Limerick City, but I want to know the answer in details, could you please explain to me?

    No - you won't learn anything or understand the consequences if someone else does the work for you.


This discussion has been closed.
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