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Question re selling home

Charisma · 2015-07-27 18:36:23

Hi can anyone advise me. Im thinking of selling my house and clearing my mortgage. I would walk away with a chunk of money to buy another house and be mortgage free. If I buy a house that is a lot less than the money I have remaining do I have to pay tax on it and at what rate. Also if I spend the extra cash on the new…

27-07-2015 6:36pm

#1

Charisma

Registered Users, Registered Users 2 Posts: 97 ✭✭

Join Date: October 2007

Posts: 56

Hi can anyone advise me. Im thinking of selling my house and clearing my mortgage. I would walk away with a chunk of money to buy another house and be mortgage free. If I buy a house that is a lot less than the money I have remaining do I have to pay tax on it and at what rate. Also if I spend the extra cash on the new house is that reduced from the tax bill.

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Comments

#2 27-07-2015 6:46pm

Stanford

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Join Date: August 2009

Posts: 1129

In short, no tax is payable.

Income from the sale of your home is tax free provided it is your principal place of residence in the State.

You are free to then use that money to buy a less expensive home provided that also becomes your principal place of residence, any money left over is not taxable. Don't forget you may have a Stamp Duty liability on buying another home.

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