Leaving the landlord game, taxation

gabbo is coming

Hi

Bought apartment in 2001 for 160k. Lived there for 4 years, renting since. Fed up making very little money and all the hassle and tax

Will sell for about 210k

What capital gains will I have to pay do you think?

ari101

Possible calculation below but some caveats

160k euro or punts?

Bought pre or post 6 April 2001?

Any costs to buy (i.e. solicitor)?

Any enhancement costs (not items claimed as repairs)?

Assuming 160k is euro, was bought in 2001, but after 6/4/01, with no other capital expenditure:

Sales price: 210k

Less: Purchase price 160k (add your costs to buy (e.g. solicitor)) with indexation @ 1.087 = -174k (+ costs)

Less: Selling cost tbc (e.g. solicitor/auctioneer)

Chargeable gain ~ 36k

Partial PPR relief* = ~4/20 years = -7.2k

Personal annual exemption = -1.3k

Taxable gain = 27.5k

Tax @ 33% =~9k

*Assuming you chose to move and rent and can't claim extra relief for having been forced to move for work.

Your costs can bring it down a bit.

If the 160k was Irish punts, you shouldn't have a gain once translated and indexed I think.

Shark7

Gh

Shark7

Gh

Shark7

Gh

gabbo is coming

https://www.boards.ie/discussion/comment/117750318#Comment_117750318

Thanks

I *think* it was euro, but will have to check