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Capital gains tax on land sold

  • 23-11-2020 7:33pm
    #1
    Godeatsboogers
    Registered Users, Registered Users 2 Posts: 125 ✭✭


    A relative of mine is selling land alongside her house but has no clue about Cgt. I've told her to contact a solicitor for advice on the situation but a relative of mine is telling her to just sell the land, keep the money and pay no cgt, I think this is dodgy and could lead to repercussions in the future. She bought the house and land for 120, 000 and shes selling the land alongside the house for 50,000. What should she be doing?


Comments

  • #2
    An Ri rua
    Registered Users, Registered Users 2 Posts: 4,572 ✭✭✭An Ri rua


    Get the site of the house enlarged up to just under 1 acre. Will cost a few hundred via solicitor, maps, registry etc.
    Up to a 1 acre site, including house footprint, is CGT free on her PPR. So she's converting agricultural land into garden (site) value.
    On the rest of the field, get it valued or sold at agri prices (I'd that's it's only possible use) and sell it as a second lot along with the house if possible.
    Pay any CGT due. The relative is being a gobsh1te who is years out of touch with realities. They'd nail her inside a few years. Expensive business.
    If she wants to keep the money for a while,she can. Sell it in January and settle in December of the same year. But don't miss those deadlines.


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