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CGT house sale query

  • 24-02-2020 4:26pm
    #1
    jarvis
    Registered Users, Registered Users 2 Posts: 1,497 ✭✭✭


    Hope someone can help answer this question.

    If I sell a house that isn’t primary residence and has been rented out for 15 years. Say I bought it for 100k using 80k mortgage and 20k I’d freed up from my own home mortgage. I sell the investment property for 140k. What amount of money do I pay CGT on?

    I think I pay it on 40k above the initial purchase price but I fear I will have to pay it on 60k as mortgage was only 80k.

    Or is there other liabilities or allowances I should have?


Comments

  • #2
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,587 ✭✭✭✭Calahonda52


    Its on the 40 assuming you have never ever lived in it.
    Is all the paper work with the rental board and you tax returns, including LPT, all squeaky clean

    “I can’t pay my staff or mortgage with instagram likes”.



  • #3
    jarvis
    Registered Users, Registered Users 2 Posts: 1,497 ✭✭✭jarvis


    Calahonda52 wrote: »
    Its on the 40 assuming you have never ever lived in it.
    Is all the paper work with the rental board and you tax returns, including LPT, all squeaky clean

    Yup

    Thanks.


  • #4
    namenotavailablE
    Registered Users, Registered Users 2 Posts: 59,643 ✭✭✭✭namenotavailablE


    If you had any incidental purchase or selling costs (eg solicitor, estate agent), these can be included in your calculation. Deduct incidental selling costs from sales proceeds and add incidental purchase costs to the €100K purchase price.

    Free Excel net pay calculator- https://taxcalc.eu/monthlyss/Employee%20PAYE%20calculator.xlsm



  • #5
    Geuze
    Registered Users, Registered Users 2 Posts: 13,753 ✭✭✭✭Geuze


    jarvis wrote: »
    Hope someone can help answer this question.

    If I sell a house that isn’t primary residence and has been rented out for 15 years. Say I bought it for 100k using 80k mortgage and 20k I’d freed up from my own home mortgage. I sell the investment property for 140k. What amount of money do I pay CGT on?

    I think I pay it on 40k above the initial purchase price but I fear I will have to pay it on 60k as mortgage was only 80k.

    Or is there other liabilities or allowances I should have?

    The mortgage is irrelevant.

    You made a capital gain of 40k, less any buying and selling costs.


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