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Capital Gains Tax

  • 15-08-2017 3:08pm
    #1
    chrishann83
    Registered Users, Registered Users 2 Posts: 3 ✭


    I have a rental property which i intend on selling this year. It was my PPR from 2004 to 2010 and has been rented out since then. My question is I need to know the value of the house so do i base the value on when i moved in 2004 or when i rented it out in 2010? Also how do i find out the value?


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    chrishann83 wrote: »
    I have a rental property which i intend on selling this year. It was my PPR from 2004 to 2010 and has been rented out since then. My question is I need to know the value of the house so do i base the value on when i moved in 2004 or when i rented it out in 2010? Also how do i find out the value?

    CGT is based on the gain during your period of ownership.

    Look at this document and example 5 in particular (page 34): http://www.revenue.ie/en/gains-gifts-and-inheritance/documents/cgt1-guide.pdf


  • #3
    chrishann83
    Registered Users, Registered Users 2 Posts: 3 ✭chrishann83


    Thanks for that, so how i can find out the value of the house when i moved into the house in 2004? I did not purchase the house it was an inheritance so I do not have a purchase price to base the capital gain on?


  • #4
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    If you inherited the house, you most likely filled out an IT38 form? You would have had to put a value on the property to complete the form.


  • #5
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Also, stamp duty should have been paid at the time, and the value for stamp duty purposes will indicate the base cost of the house.

    You can contact Revenue to ask them for the details they hold in relation to IT38 and stamp duty at the time, but you'd better be happy everything was done correctly at that time if you do...!

    But really, since you don't have a breeze what you are doing, the sensible thing to do would be to engage a competent professional... ;)


  • #6
    chrishann83
    Registered Users, Registered Users 2 Posts: 3 ✭chrishann83


    My brother sorted out all the financial details at the time , let's hope he filed everything correctly , thanks for advice


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