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Capital Gains Tax

  • 18-10-2016 05:16PM
    #1
    Mikegalway2015
    Registered Users, Registered Users 2 Posts: 9 ✭


    Hi. I have a second property which was purchased in cash for 200K. It will hopefully be sold in the coming months for €160K. It was purchased over 10 years ago and has been rented out for for a good few years. Would I be liable for CGT? the 200K was a gift but would that need to be disclosed? Thanks


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Speak to a solicitor or tax accountant


  • #3
    Geuze
    Registered Users, Registered Users 2 Posts: 15,073 ✭✭✭✭Geuze


    Mikegalway2015 wrote: »
    Hi. I have a second property which was purchased in cash for 200K. It will hopefully be sold in the coming months for €160K. It was purchased over 10 years ago and has been rented out for for a good few years. Would I be liable for CGT? the 200K was a gift but would that need to be disclosed? Thanks

    I am constantly amazed by the queries about CGT.

    It's a tax on GAINS.

    You made a LOSS on this asset.

    So obviously no CGT due.


    There may have been CAT due 10 years ago by whoever received the gift, depending on how they received the gift.

    Obviously the rental income has also been liable to income tax.


  • #4
    Mikegalway2015
    Registered Users, Registered Users 2 Posts: 9 ✭Mikegalway2015


    Thanks Geuze. That is what I thought but I was getting confused as the the more articles I read on the subject the more contradiction I starting to see on the subject.


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