Living overseas - looking to sell house in Ireland and tax implications

Donnylynch

Hi, I'm looking to sell my property in Dublin ( which I purchased in 2002 ) as we're purchasing a house in Oz. If anyone completed this process, I'd appreciate some advice, especially around Capital Gains Tax ( It was our family home / principal residence until we emigrated in 2012 ). How would CGT be calculated? Market sale price in 2022 and take off 33% CGT? Or is it Sales price 2022 against 2002 purchase price and take 33% to get the CGT?

What other costs do I need to factor in? Solicitors, Estate Agents, Bank fees,?

Thanks.

cuttingtimber22

I would seek advice on this but you may be able to benefit from indexation relief and relief for when it was your PPR. There are also reliefs for purchase and selling costs.

https://www.revenue.ie/en/gains-gifts-and-inheritance/cgt-reliefs/index.aspx

relax carry on

https://www.boards.ie/discussion/2058234973/living-overseas-looking-to-sell-house-in-ireland-and-tax-implications

Assuming you were renting the property out since 2012 and declaring the rental income you with be able to avail of of the PPR relief from 2012. The gain will be on your sale price minus your original purchase price. You then get credit for your PPR relief.

https://www.revenue.ie/en/gains-gifts-and-inheritance/cgt-reliefs/principal-private-residence-ppr-relief.aspx

silver2020

Definitely one for an accountant due to the CGT relief and the fact that it was your PPR for ten years too.

There's a possibility that you have played this near perfectly and will have zero CGT.

silver2020

Estate agents - don't pay anything over 1%

0.75% would be my target if property is over 500k

Solicitor fees will be circa €2,000 all in.

Bank fees will just be the transfer to you in Australia. - negotiate with the bank or use a transfer service like wise.

Donnylynch

House has been rented and registered via revenue, so rental income is declared and paid. Thank you all for your comments. Much appreciated.