Tax return on selling Rented Property

paper cut

Hopefully someone can help with this.

I'm an accidental landlord as I had to rent out my house during the bad times.

I'm now hoping to sell the property. My question is:
If I sell for less than what I paid for it, is there money owed to revenue?
House bought for €320k in 2005
Selling for €280k
Mortgage still owed €210k

Might be a stupid question but just want to make sure revenue is not chasing me.

Thanks

Gumbo

Think a good tax consultant may need to be engaged here. He could save you multiples of his fee.

Have you got another property?
Could you move back in so it becomes your PPR before you sell?

paper cut

I've my own PPR as I moved out. I own property with my brother who couldn't afford mortgage so we rented it out.
Moving back in I don't think will happen.

dearg lady

Capital Gains tax not applicable if there is no gain

paper cut

I thought the same. No gain, no money owed.
But it seems that if i have lets say €-40k capital gain (or loss) and the house was rented for 36 months and I lived there for 132 months

Then -40,000 x 36/132 = -10,909 so i'm technically down 10.9K

Is this correct?

Different example
I make 5000 x 36/132 = 1363 owed to revenue

I know i'm going around the world with this but just want to make sure as i don't want revenue chasing me.

Oh and do I get a rebate from Revenue for 10k

duchalla

If you've paid all the taxes to Revenue which were due while the property was rented, and now you're seling the property for less than you orginally paid for it, you've no liability with Revenue.