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Selling house moved abroad

  • 24-11-2024 2:30am
    #1
    Registered Users, Users Awaiting Email Confirmation, Registered Users 2 Posts: 1


    Hi so I’ve moved abroad in 2020 and bought my house in Ireland in 2008. I want to sell my house now and will I have to pay a lot of Tax in Ireland when the sale goes through?

    Post edited by Spear on


Comments

  • Registered Users, Registered Users 2 Posts: 4,124 ✭✭✭3DataModem


    no



  • Registered Users, Registered Users 2 Posts: 1,073 ✭✭✭thereiver


    If you are no longer living there you ,ll pay 30 per

    Cent Cgt tax .see revenue.ie CGT tax



  • Registered Users, Registered Users 2 Posts: 23,521 ✭✭✭✭Esel
    Not Your Ornery Onager


    Maybe there is an allowance for the years in which it was your principal private residence?

    Not your ornery onager



  • Registered Users, Registered Users 2 Posts: 4,124 ✭✭✭3DataModem


    OP

    If you rented your house out for the last five years, then basically the revenue will consider 4 of those years as "taxable" for capital gains. So selling in 2025 means you owned it for 17 years so you'll pay tax on 4 / 17 ths of the "profit".

    For example

    • purchased for 200k in 2008
    • sold for 350k in 2025
    • total profit 150k (and you deduct costs from this, legal, estate agents, etc) so say 145k
    • 5/17th of this profit is 42,600
    • the first 1270 of profit is non-taxable, so you reduce it to 40,900
    • you pay 33% tax on this, so 13,500 CGT approx

    So your mates down the pub will tell you "ah you pay 33% tax on it" but it's more like 3% in your specific circumstances.

    Note; if it WASN'T rented out then there is an argument to say that it is your principle residence in that period, so you may have to pay no tax at all. If you fancy getting advice talk to an accountant, they may save you a lot of cash.



  • Registered Users, Registered Users 2 Posts: 4,124 ✭✭✭3DataModem


    And BTW OP, you posted in the wrong forum hence you got a lot of terrible replies. Post in "taxation" or "accomodation and property" next time.



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