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Tax on Property sale

boban z · 2017-09-14 15:26:07

Hi, We have a house that has been rented out for the last 7 years. We are hoping to sell soon and the sales price will be considerably lower than the price we paid for it in 2005. Any tax implications we should be aware of. Im assuming as the sale price will be lower than paid price there is no CGT issues. Thanks

14-09-2017 3:26pm

#1

boban z

Registered Users, Registered Users 2 Posts: 51 ✭✭

Join Date: October 2009

Posts: 29

Hi,
We have a house that has been rented out for the last 7 years.

We are hoping to sell soon and the sales price will be considerably lower than the price we paid for it in 2005.

Any tax implications we should be aware of.
Im assuming as the sale price will be lower than paid price there is no CGT issues.

Thanks

0

Comments

#2 15-09-2017 3:22am

Peregrinus

Registered Users, Registered Users 2 Posts: 26,992 ✭✭✭✭

Join Date: March 2011

Posts: 26984

There will be no CGT liablity. There will in fact be a capital loss, which you can carry forward and set off against other capital gains (should you ever make any) to reduce or eliminate future CGT liability. So keep the paperwork!

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