CGT on selling an apartment which was my PPR for a short time

Night

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Hi,
I will try to keep this short. I bought a 1 bed apartment in June 2002 with a mortgage of €225,000. I got a variable rate and have had it ever since. (The actual price paid for the apartment was €250,000) It was my PPR until Nov 2004. The apartment has been rented since Nov 2004. As of end of Dec 2014, the amount left on my mortgage is €149,000. I am now looking to sell my apartment.
What I would like to know is:
1. I have been given a guide sale price of €220,000 by an estate agent
2. I believe that for the period that it was rented there will be a CGT charge on the proceeds (profit??) from the sale? Is that correct? and would someone be able to explain how this is calculated?
3. Aside from estate agent and Solicitor fees would there be any other fees that I would incur with the selling?
Thank you so much for any advice.
 
You purchased for 250K. You are selling for c220K. You are losing on the transaction so no CGT is applicable.
 
Hi Brendan,
Thank you for replying so quickly. I had not realised that there was a one bed apartment in the same area that was sold for €248,000 recently. I will need to get a few valuations so....
Can I ask the same question if I was to get over €250,000 ie say someone was to buy it for €251,000, what would the CGT implications be then?
Thanks
 
You paid €250,000 when purchasing
(1) You paid solicitors fees when purchasing + various other fees for registration etc.
(2) Not sure about the stamp duty if it applied at the time for a residential property.
Selling costs.
(3) Auctioneers fees incl. advertising
(4) Legal costs and associated costs.
(5) You have a once off €1250 that will not be counted.

You can deduct 1,2,3,4,5. from your selling price along with the €250,000 and you will be paying CGT on the remainder.
 
A small correction, it was your Principal Private Residence for 2 of the 14 years, so any capital gain will be reduced by 3/14 to reflect that. This will reduce your liability further.

Have you any unrealised capital losses? For example, bank shares which are worth less than you paid for them? If so, you could sell them and set the losses against any gains.

Brendan
 
A small correction, it was your Principal Private Residence for 2 of the 14 years, so any capital gain will be reduced by 3/14 to reflect that. This will reduce your liability further.

Have you any unrealised capital losses? For example, bank shares which are worth less than you paid for them? If so, you could sell them and set the losses against any gains.

Brendan

The OP owned the property for 12 years so capital gain would be reduced by 3/12
 
Hi asdfg

I was just setting out the principle.

He bought it in June 2002 and if he puts it on the market now, it will probably be June 2015 before it's sold, so it's actually closer to 15 years.

Brendan
 
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