Capital Gains Tax Query

atmurphy28

In 2005 I inherited some land and paid CGT on the value at the time of €230k. I would now like to sell this land for approx €180k. As I have already paid CGT on this land, have kept the property for 10yrs and am selling this for €50k less than the original valuation. Do I have any tax liability?

nompere

atmurphy28 wrote: »

In 2005 I inherited some land and paid CGT on the value at the time of €230k. I would now like to sell this land for approx €180k. As I have already paid CGT on this land, have kept the property for 10yrs and am selling this for €50k less than the original valuation. Do I have any tax liability?

There's a prohibition in this forum on giving property tax advice, so I'm not doing that.

I do note that you woukd have paid Capital Acquisitions Tax (CAT) on an inheritance not Capital Gains Tax (CGT).

The general rule in CGT is that the gain on a disposal (value when acquired less value or proceeds when sold) is liable to CGT, and if that calculation is a loss then there's no tax to pay.

Bubbaclaus

You would have paid CAT on the inheritance. CGT is a different tax.

Geuze

Note that CGT is a tax on GAINS.

If you make a capital LOSS, then no CGT to pay.