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sell farm and avoid CGT

  • 26-07-2017 9:28am
    #1
    mchammer
    Registered Users, Registered Users 2 Posts: 225 ✭✭


    Hi there..

    I am wondering if there is anyway to avoid paying Capital Gains Tax on the sale of a farm which i inherited recently. It's in my name 2 years now and looking to sell it. Was hoping to put the entire proceeds against my mortgage and be left with a small enough mortgage hopefully but not sure if proceeds would be exempt as they are going toward Principal Private Residence.

    Any information appreciated
    thanks
    mc


Comments

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


    mchammer wrote: »
    Hi there..

    I am wondering if there is anyway to avoid paying Capital Gains Tax on the sale of a farm which i inherited recently. It's in my name 2 years now and looking to sell it. Was hoping to put the entire proceeds against my mortgage and be left with a small enough mortgage hopefully but not sure if proceeds would be exempt as they are going toward Principal Private Residence.

    Any information appreciated
    thanks
    mc

    Nope. Has to be paid. Read the charter


  • #3
    dogsears
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭dogsears


    Its potentially complicated and you need to see a tax adviser. There may have been various tax reliefs claimed in relation to your inheritance that we don't know about here and you might not even have that much information about yourself. So go see someone.


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