USA 1031 - Tax delay on property - Revenue code

poker--addict · 12-07-2012 11:05PM #1

Hi guys,

just being reading some articles and in the US they have or had what they called the "1031" I am only learning about the subject so dont shoot me if its a stupid question:D

Basically, as i understand it, when you sold a house at a gain you could trade up to a more expensive property and not be taxed on the gain from sale of the original.

Does anyone know if i understand this correct?

Is there anything similar in Ireland or EU?

Thank you

Victor · 13-07-2012 02:35AM

Capital Gains Tax (CGT) is payable on property gains here.

There is an exemption for principle private residences.

poker--addict · 13-07-2012 10:36AM

thanks victor, should have thought of that myself, gives me a start point.

Any other exemptions that might be relevant to moving up market for a personal house, investment property or business.

Or anyone able to recommend somebody with a very good knowledge of exemptions on the property tax side of things.

USA 1031 - Tax delay on property - Revenue code

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