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capital Gains Tax on only property but not main Residence

  • 17-12-2017 11:36am
    #1
    A.fergie
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi bought a house 2 years ago renovated it and is now for sale it is the only property I own as a still live with my parents. The property is 2 hours away from where I live will i be able to claim Principal Private Residence relief as it is the only property i own


Comments

  • #2
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,989 ✭✭✭✭Peregrinus


    A.fergie wrote: »
    Hi bought a house 2 years ago renovated it and is now for sale it is the only property I own as a still live with my parents. The property is 2 hours away from where I live will i be able to claim Principal Private Residence relief as it is the only property i own
    No, you won't, unless it was in fact your principal private residence.


  • #3
    exaisle
    Registered Users, Registered Users 2 Posts: 2,675 ✭✭✭exaisle


    Was it uninhabitable/uninhabited while it was being renovated? Or was it rented out in that period?

    Did you take out a mortgage to buy it? If so, did you claim mortgage interest relief on it as your PPR?


  • #4
    A.fergie
    Registered Users, Registered Users 2 Posts: 3 ✭A.fergie


    hi. It was uninhabited and I have never rented it out. No mortgage was needed to buy the property as it was cheap


  • #5
    server down
    Closed Accounts Posts: 1,613 ✭✭✭server down


    If it was from 2011-2014 there’s no tax. But you said 2 years.


  • #6
    Casati
    Registered Users, Registered Users 2 Posts: 3,053 ✭✭✭Casati


    A.fergie wrote: »
    hi. It was uninhabited and I have never rented it out. No mortgage was needed to buy the property as it was cheap

    Don’t think you have CBG in disposal year. I can’t advise you but how do you prove your ppr was your parents house? Do you have a rent book with them? Revenue might assume this house you own is your ppr unless you prove otherwise


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  • #7
    Casati
    Registered Users, Registered Users 2 Posts: 3,053 ✭✭✭Casati


    A.fergie wrote: »
    hi. It was uninhabited and I have never rented it out. No mortgage was needed to buy the property as it was cheap

    Don’t think you have CBG in disposal year. I can’t advise you but how do you prove your ppr was your parents house? Do you have a rent book with them? Revenue might assume this house you own is your ppr unless you prove otherwise


  • #8
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,878 ✭✭✭✭Calahonda52


    A.fergie wrote: »
    hi. It was uninhabited and I have never rented it out. No mortgage was needed to buy the property as it was cheap

    I presume the purchase was done with clean cash if the Revenue ask for where the purchase cash came from

    “I can’t pay my staff or mortgage with instagram likes”.



  • #9
    exaisle
    Registered Users, Registered Users 2 Posts: 2,675 ✭✭✭exaisle


    Calahonda52 wrote: »
    I presume the purchase was done with clean cash if the Revenue ask for where the purchase cash came from

    They wont. They've better things to be doing.


  • #10
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,878 ✭✭✭✭Calahonda52


    exaisle wrote: »
    They wont. They've better things to be doing.

    Been there with a client last month......
    Happy Christmas

    “I can’t pay my staff or mortgage with instagram likes”.



  • #11
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    exaisle wrote: »
    They wont. They've better things to be doing.

    I wouldn't be so sure of that. It's a very logical question to ask, I'm sure at least some of Revenue's staff are logical and reasonably intelligent...


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  • #12
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    exaisle wrote: »
    They wont. They've better things to be doing.

    Depends on whether the analytics shows he should have been able to afford it or not.

    For example 20k salary buys 500k house in cash, it's revenue investigation time.

    300k salary buys 200k house in cash nothing to see here.


  • #13
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,989 ✭✭✭✭Peregrinus


    Casati wrote: »
    Don’t think you have CBG in disposal year. I can’t advise you but how do you prove your ppr was your parents house? Do you have a rent book with them? Revenue might assume this house you own is your ppr unless you prove otherwise
    Revenue never assume that any property was a PPR. It’s a relief that the taxpayer must affirmatively claim.


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