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CGT query

  • 06-03-2015 9:48am
    #1
    MetHerInSolas
    Registered Users, Registered Users 2 Posts: 122 ✭✭


    I bought an apartment in 2007 for €190,000.

    If I sell now for 190,000 and my mortgage is €160,000, how CGT would I pay?


Comments

  • #2
    duchalla
    Registered Users, Registered Users 2 Posts: 329 ✭✭duchalla


    you wouldnt pay any CGT.


  • #3
    dogsears
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭dogsears


    Also how much gain you make (its a tax on Capital Gains) has nothing to do with now much of a mortgage you have.


  • #4
    Geuze
    Registered Users, Registered Users 2 Posts: 14,033 ✭✭✭✭Geuze


    MetHerInSolas wrote: »
    I bought an apartment in 2007 for €190,000.

    If I sell now for 190,000 and my mortgage is €160,000, how CGT would I pay?

    Mortgage is not relevant.

    What is relevant is whether the property was your PPR?


  • #5
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,853 Mod ✭✭✭✭Henry Ford III


    Geuze wrote: »
    Mortgage is not relevant.

    What is relevant is whether the property was your PPR?

    Not sure that's relevant either in this case as there's no gain.


  • #6
    purplepatchit
    Registered Users, Registered Users 2 Posts: 16 ✭purplepatchit


    Similar situation. Will be selling for less than I bought property for in 2004. Mortgage is now slightly under what I would hope to sell for. Am I liable for capital gains on the difference? Thanks.


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  • #7
    dogsears
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭dogsears


    purplepatchit wrote: »
    Similar situation. Will be selling for less than I bought property for in 2004. Mortgage is now slightly under what I would hope to sell for. Am I liable for capital gains on the difference? Thanks.

    The answers given above should cover you. Mortgage not relevant to CGT. If you sell for less than you paid you have no gain and so no Capital Gains Tax.

    For peace of mind, maybe get your numbers checked by a qualified adviser.


  • #8
    purplepatchit
    Registered Users, Registered Users 2 Posts: 16 ✭purplepatchit


    Thank you.


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