Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Capital gains tax question re site selling

  • 28-10-2021 6:08pm
    #1
    tonycascarino
    Registered Users, Registered Users 2 Posts: 1,373 ✭✭✭


    Curiosity question. If one has land that is worth €100,000 for example and sold 3 sites on it for €70,000 each, how is the capital gains tax calculated? Is it :

    (A) 33% of each €70,000 sale

    or

    (B) No capital gain on the first site of €70,000, the next sale of €70,000 would be €140,000 from the field worth €100,000 so it will be 33% of the €40,000 gained and so on?

    How is it calculated. Thanks!



Comments

  • #2
    ari101
    Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    I've seen this done previously with the cost apportioned to each site - e.g. on the simple assumption that the 3 sites each make up a third of the field, and are similarly desirable, you could go with a cost of 33.3k per site.

    If one site has better land, frontage, larger area, etc. you might want to allocate more of the cost to it. As long as you have a reasonable basis it should be fine. Also if there is land left over you need to apportion some cost to that.



Advertisement