Finance advice after house sale

perthgringo98

Hi guys,
Sorry if this is in the wrong topic

I’m currently in the process of selling a house in Co. Louth. It was originally bought as my principal residence but due to a change of circumstance I had it rented out for a number of years. The tenancy was registered and all tax on profit was paid each year as well as the NPPR fees and the LPT. The house will sell for in and around the same money as I paid for it.
I have two queries:
Firstly do I pay capital gains tax on the difference between the sale price and original purchase price or on my share of the sale price after the mortgage is paid off
My second query is this - I am now living in Northern Ireland and I am wondering if there will be any complications bringing such a large sum of money (about-€50000) across the border to lodge in my northern account.
Any advice on this matter would be greatly appreciated. Thanks in advance, Phil

Calahonda52

Mortgae is irrelevant.

You wont be getting cash will you?
Look at options like currency fair to transfer it electronically

Mitzy

You will have to make a declaration to Revenue about the house for Capital Gains Tax. If the house is sold between now & the end of the year you must make the declaration before the 31st December.

The CGT will be apportioned based on the number of years owned & rented & is based on Sale Price v's Original Purchase Price but you also factor in any capital expenses and legal fees etc.
If you are selling for what you bought it for originally you might end up with a Capital Loss which you can bring forward to future years to offset against other potential gains. There is also an allowance of €1,270 per annum for capital gains

I would advise you to contact an accountant who will be able to assist you on this and do accurate calculations.
I can't comment on bringing the €50k over the border but can't see that it would be any major issue and you can prove the source of funds.

perthgringo98

Mitzy wrote: »

You will have to make a declaration to Revenue about the house for Capital Gains Tax. If the house is sold between now & the end of the year you must make the declaration before the 31st December.

The CGT will be apportioned based on the number of years owned & rented & is based on Sale Price v's Original Purchase Price but you also factor in any capital expenses and legal fees etc.
If you are selling for what you bought it for originally you might end up with a Capital Loss which you can bring forward to future years to offset against other potential gains. There is also an allowance of €1,270 per annum for capital gains

I would advise you to contact an accountant who will be able to assist you on this and do accurate calculations.
I can't comment on bringing the €50k over the border but can't see that it would be any major issue and you can prove the source of funds.

Thank you for the quick response - That is what I was hoping to hear. I will contact an accountant but was just looking to get an idea of where I stand. Thanks again