Capital Gains on NPPR in negative equity

[giblet]

Hi All

Purchased a house for 180k

Market value is currently 240k

Mortgage is 260k (I re-mortgaged in the past)


So just trying to get approx total of cost if I was to sell this property today...


Negative equity shortfall of 260 - 240 = 20k

Capital Gains Tax (240 -180) x 0.25 = 15k

Selling Costs approx 8-10k


Just want to confirm the CGT calculation

Thanks in advance

[jpd]

You have an annual CGT allowance of € 1,270 so tax would be ((240-180)-1 ) x 0.25 otherwise this is correct.

If property purchased before 2002, then cost can be indexed up.

[Brendan Burgess]

I presume that NPPR means Non Principal Private Residence?

The mortgage situation is not relevant.

It is just the gain or loss on the capital value.

Brendan

[Eldorado]

You can also deducted the selling expenses from the gain.

((240-180-10)-1 ) x 0.25

[jpd]

and purchase expenses and possibly any property enhancement expenses incurred durint the period of ownership

[mandelbrot]

And don't forget stamp duty on the purchase price, I assume it applied since this a NPPR...

[DB74]

And solrs costs incurred when purchasing the property