Selling a rented house - CGT ??

Tmurf

HI
I am thinking of selling a house I owned and lived in for a few years after I bought it.
During the downturn I built another house which I now live in and rent the other property for the last 5 years or so.

Just wonder how Capital Gain Tax will work out if the sale price is around the as the purchase of the house 14 years ago.

Thanks

Calahonda52

based on what you say should not be much tax to pay, you will have disposal costs which will reduce the sale price as well as acquisition costs which will increase the cost price
.
https://www.revenue.ie/en/property/selling-a-house/index.aspx
.
You can then claim a 1,270 annual exemption which comes off the gain ( NOT the tax due as folk often think)
.
https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/cgt-exemptions.aspx
.
You may get partial relief fo it being your PPR for 9 years, someone else where will clarify
HTH

StringerBell

You will get some relief for the amount of time lived in it too yes.

Steer55

Does the €1270 exemption apply for every year it was your ppr or is it just a once off when you come to sell?

Stratvs

Steer55 wrote: »

Does the €1270 exemption apply for every year it was your ppr or is it just a once off when you come to sell?

It’s per owner in the year of disposal so the max value per owner is €1,270 x 33%.