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buy and sale of house

  • 23-05-2025 02:21PM
    #1
    hello2020
    Registered Users, Registered Users 2 Posts: 283 ✭✭


    Living in the current house with some mortgage left to pay.

    Planning to buy another house on mortgage.

    After getting the second house if we decide to sell the first one to buy different house to live will it attract any tax?



Comments

  • #2
    Lenar3556
    Registered Users, Registered Users 2 Posts: 2,109 ✭✭✭Lenar3556


    Not if you sold it within 12 months of moving into the other. Thereafter, some capital gains tax may begin to arise.



  • #3
    hello2020
    Registered Users, Registered Users 2 Posts: 283 ✭✭hello2020


    Thanks a lot for getting back on this..so we can sell with in 12 months



  • #4
    dennyk
    Registered Users, Registered Users 2 Posts: 1,892 ✭✭✭dennyk


    https://www.boards.ie/discussion/comment/123479652#Comment_123479652

    Yep, for the purpose of the PPR relief, the final 12 months of ownership of a home that was your PPR at some point is always considered a period of occupancy whether you actually lived in the home during those 12 months or not. The purpose is so that people can move house and then sell their old house without it affecting their PPR relief entitlement, even if it takes up to a year to actually sell the place. (I wouldn't advise just sitting on it for almost a year and then trying to sell, of course, because it can often take months to close on a sale after going sale agreed, so you'll want to get the ball rolling on the sale as soon as you can after moving to make sure you get it sold within that 12-month window…)



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