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Capital gains tax query.

  • 27-06-2015 7:01pm
    #1
    hawkelady
    Registered Users, Registered Users 2 Posts: 1,357 ✭✭✭


    Hi , can any of you answer this maths question really .. If I sell a property for €220k , I have a mortgage of €115k left on it .. How much will I profit from the sale of this property if I were to sell it , after the mortgage and cgt is paid.
    Thank you.


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    The mortgage is irrelevant in working out CGT.

    CGT is net proceeds less cost less personal allowance (€1270) times 33%.

    So it could be, for example, €215,000 less €113,730 less €1270 equals €100,000. €100,000 times 33% equals €33,000.


  • #3
    hawkelady
    Registered Users, Registered Users 2 Posts: 1,357 ✭✭✭hawkelady


    Hi ,, I'm really confused now !!! Ha

    So the property is sold for €220k , how much cgt will I owe ? Sorry for being dumb ..


  • #4
    hawkelady
    Registered Users, Registered Users 2 Posts: 1,357 ✭✭✭hawkelady


    Hi , I'm just rereading your reply .. I purchased the property for €225 k .. If that makes your answer easier


  • #5
    Ted_YNWA
    Registered Users, Registered Users 2 Posts: 71,802 ✭✭✭✭Ted_YNWA


    If you bought it for 225K & sold it for 220K, you did not make a gain.


  • #6
    hawkelady
    Registered Users, Registered Users 2 Posts: 1,357 ✭✭✭hawkelady


    Thanks for clarifying that. Much appreciated.


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  • #7
    BOARDHOG
    Registered Users, Registered Users 2 Posts: 26 ✭BOARDHOG


    hi can anyone answer this for me, i am about to build and the site is still in my brothers name. am i liable to capital gains tax and how much when the site is transferred.


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