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Tax Liability on sale of investment property

  • 10-07-2015 2:49pm
    #1
    garyclk
    Registered Users, Registered Users 2 Posts: 6 ✭


    Me and my sister bought an investment property back in '05 for 300K
    By '08/'09 it was worth 370-380K.......the value obviously fell (plummeted) between '09 and '12 but its back up at around 280K right now I rekon.
    I have 250K left on the mortgage and I am considering selling it as I could use the money right now - If nothing else I could use the cash I have to top up the mortgage with every month!!

    My question is:
    If i sell it for 280k and there is only 250k left on the mortgage does our lovely government see this 30K as "profit" or what are the tax implications!


Comments

  • #2
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    I'm assuming indexation won't apply.

    You'd only be looking at a tax laibility (CGT) if the sale price was more than the market value of the house


  • #3
    Immy
    Registered Users, Registered Users 2 Posts: 260 ✭✭Immy


    No you pay tax on the sale price less the purchase price.

    So if you sell for 280 and bought for 300 then no CGT.


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