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Buying property for cash.....tax implications

  • 29-05-2016 6:07pm
    #1
    choppermutt
    Registered Users, Registered Users 2 Posts: 96 ✭✭


    I am looking at buying a property for cash....100k. Am I going to run into any tax implication issues should I decide to sell again in a few years (capital gains tax??) I haven't paid cash for property before and I am unsure of possible future issues for me and my investment.


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,686 ✭✭✭barneystinson


    choppermutt wrote: »
    I am looking at buying a property for cash....100k. Am I going to run into any tax implication issues should I decide to sell again in a few years (capital gains tax??) I haven't paid cash for property before and I am unsure of possible future issues for me and my investment.

    Well that's a real "it depends" isn't it!

    What's the source of the 100k, and was it taxed when earned/accrued...?

    As long as the executed deed shows the stamp duty value of 100k there is no "tax problem" on a subsequent sale.


  • #3
    choppermutt
    Registered Users, Registered Users 2 Posts: 96 ✭✭choppermutt


    All coming from savings for the past 25 years. All tax fully paid. So - there isnt any issue once I pay the required stamp duty after purchase. Thats good to know.


  • #4
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    You shouldn't have any issues buying for cash. Believe it or not, there are a load of people buying for cash out there. Not everyone is with a mortgage.

    As long as the cash is legitimate, no tax issues or anything different to what a mortgaged buyer will experience.


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