M
madmammy
Guest
Hello there, this is my first post so I hope it is in the correct area
In autumn of 2006 I bought and moved to another house and subsequently put my old PPR on the market. However, almost a year and a half later it still hasn't sold, and of course I have no idea when it is likely to. I know there is a year cutoff point whereby your old PPR ceases to be your PPR and CGT is payable from there on in on the portion it isn't your PPR but how would revenue know that it's not, particularly when I am still claiming TRS on the old PPR? It hasn't been rented out or anything like that.
Also on the subject of CGT, some years back I rented out a section of the house that was a granny flat but has since been reincorporated into the entire house. As I declared this income to the revenue at the time (but didn't specify an address or anything) a friend tells me I will be liable for CGT on this portion of the house when/if it sells. Again, how can the revenue determine this, especially as it is now part of the house again?
Just feel that with the house losing more and more value as time goes on, any potential CGT liablility on top of this will hit hard, so am thinking of just saying nothing and paying nothing whenever the house is sold.
What do you guys think?
In autumn of 2006 I bought and moved to another house and subsequently put my old PPR on the market. However, almost a year and a half later it still hasn't sold, and of course I have no idea when it is likely to. I know there is a year cutoff point whereby your old PPR ceases to be your PPR and CGT is payable from there on in on the portion it isn't your PPR but how would revenue know that it's not, particularly when I am still claiming TRS on the old PPR? It hasn't been rented out or anything like that.
Also on the subject of CGT, some years back I rented out a section of the house that was a granny flat but has since been reincorporated into the entire house. As I declared this income to the revenue at the time (but didn't specify an address or anything) a friend tells me I will be liable for CGT on this portion of the house when/if it sells. Again, how can the revenue determine this, especially as it is now part of the house again?
Just feel that with the house losing more and more value as time goes on, any potential CGT liablility on top of this will hit hard, so am thinking of just saying nothing and paying nothing whenever the house is sold.
What do you guys think?