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Advice needed.

  • 19-01-2023 11:55am
    #1
    Registered Users Posts: 12


    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

  • Registered Users Posts: 329 ✭✭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.



  • Registered Users Posts: 12 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



  • Registered Users Posts: 3,930 ✭✭✭spaceHopper


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



  • Registered Users Posts: 695 ✭✭✭JimmyMW


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



  • Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 66,480 Mod ✭✭✭✭L1011


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



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