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Advice needed.

  • 19-01-2023 12:55PM
    #1
    rugbyman80
    Registered Users, Registered Users 2 Posts: 13 ✭


    Getting married in May. I currently own a house which is classed as my principal private residence. My future wife owns a house that is her principal private residence. I'm aware that the CGT exemption on the sale of my PPR expires a year after marriage. My house is rented to a relative for a fairly modest and moninal cash amount and I have no great desire to sell, apart from the fact that I can currently sell without paying CGT. House was bought for €200 and would currently be worth €270/280 with approx €110 left on the mortgage. Any advise or anything I am missing on this?

    Post edited by L1011 on


Comments

  • #2
    DFB-D
    Registered Users, Registered Users 2 Posts: 443 ✭✭DFB-D


    You need to talk to an accountant.

    PPR relief does not apply during rentals of the property, there is a partial relief calculation which will need to be applied if you sell.

    You will need to nominate a PPR with Revenue.



  • #3
    rugbyman80
    Registered Users, Registered Users 2 Posts: 13 ✭rugbyman80


    Nope. First house still classed as my PPR.............technically still living there ;)

    Will of course speak to an accountant......just looking for some background/unofficial advice



  • #4
    spaceHopper
    Registered Users, Registered Users 2 Posts: 4,181 ✭✭✭spaceHopper


    Get ready to sell or ready to rent it through the books



  • #5
    JimmyMW
    Registered Users, Registered Users 2 Posts: 695 ✭✭✭JimmyMW


    Best advice you'll ever get, don't get married



  • #6
    L1011
    Registered Users, Registered Users 2 Posts: 74,044 ✭✭✭✭L1011


    https://www.boards.ie/discussion/comment/120129959#Comment_120129959

    Advice on tax avoidance or evasion is not be sought here.



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