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CGT implications for selling and apartment

Mr Disco · 2023-10-31 13:40:15

Hi bought an apartment in 2005. Lived in for for 3 years. Rented out since 2008. What is gain calc for CGT? Selling price less 2005 purchase price or 2008 value? 2008 value would likely produce a loss

31-10-2023 1:40pm

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Mr Disco

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Hi bought an apartment in 2005. Lived in for for 3 years. Rented out since 2008. What is gain calc for CGT? Selling price less 2005 purchase price or 2008 value? 2008 value would likely produce a loss

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#2 31-10-2023 1:49pm

iluvfatfrogs

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https://www.boards.ie/discussion/2058320366/cgt-implications-for-selling-and-apartment

Based on the info provided...
Sales price less purchase price (what you paid for it in 2005) = your gain.
As you lived it in for 3 years (and deemed to live in it for the last year) you're gain is reduced by 4/18 (18 being the years owned).
You'll pay tax of 33% on the reduced gain.. and there's an annual exemption to be taking off too.
2008 is irrelevant in this scenario

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