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Selling a rented house - CGT ??

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  • 17-07-2019 2:39pm
    #1
    Tmurf
    Registered Users Posts: 95 ✭✭


    HI
    I am thinking of selling a house I owned and lived in for a few years after I bought it.
    During the downturn I built another house which I now live in and rent the other property for the last 5 years or so.

    Just wonder how Capital Gain Tax will work out if the sale price is around the as the purchase of the house 14 years ago.

    Thanks


Comments

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    #2
    Calahonda52
    Registered Users Posts: 12,193 ✭✭✭✭Calahonda52


    based on what you say should not be much tax to pay, you will have disposal costs which will reduce the sale price as well as acquisition costs which will increase the cost price
    .
    https://www.revenue.ie/en/property/selling-a-house/index.aspx
    .
    You can then claim a 1,270 annual exemption which comes off the gain ( NOT the tax due as folk often think)
    .
    https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/cgt-exemptions.aspx
    .
    You may get partial relief fo it being your PPR for 9 years, someone else where will clarify :)
    HTH

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



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    #3
    StringerBell
    Registered Users Posts: 14,019 ✭✭✭✭StringerBell


    You will get some relief for the amount of time lived in it too yes.

    "People say ‘go with the flow’ but do you know what goes with the flow? Dead fish."



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    #4
    Steer55
    Closed Accounts Posts: 226 ✭✭Steer55


    Does the €1270 exemption apply for every year it was your ppr or is it just a once off when you come to sell?


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    #5
    Stratvs
    Registered Users Posts: 958 ✭✭✭Stratvs


    Steer55 wrote: »
    Does the €1270 exemption apply for every year it was your ppr or is it just a once off when you come to sell?

    It’s per owner in the year of disposal so the max value per owner is €1,270 x 33%.


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