**posted in other forum earlier but prob belongs here**
Hello, I would be very grateful if someone could let me know whether I am on the right track here please. My mother bought an apartment in 1997 and lived in it till 2007, it was then rented out and still is. If she were to sell now would these figures roughly hold up?
Possible sale price = EUR390,000-EUR10,000 (cost of sale)= EUR380,000
Cost of apartment in 1997 = EUR152,000 * 1.1 (indexation)= EUR 167,200
Therefore EUR380,000 less EUR167,200 (indexed cost of apartment) = EUR212,800 CAPITAL GAIN.
PPR Relief : 19yrs ownership = 228 months. Was her PPR for 120 months (includes final 12 months) thus Cap Gain of EUR 212,800*120/228=EUR112,000
So Cap Gain of EUR 212,800 less PPR relief of EUR 112,000 = EUR 100,800
Personal relief of EUR1,270 reduces gain to EUR 99,530
CGT TAX due: EUR 32,844 (EUR99,530*33%).
Or am I way off?
Hello, I would be very grateful if someone could let me know whether I am on the right track here please. My mother bought an apartment in 1997 and lived in it till 2007, it was then rented out and still is. If she were to sell now would these figures roughly hold up?
Possible sale price = EUR390,000-EUR10,000 (cost of sale)= EUR380,000
Cost of apartment in 1997 = EUR152,000 * 1.1 (indexation)= EUR 167,200
Therefore EUR380,000 less EUR167,200 (indexed cost of apartment) = EUR212,800 CAPITAL GAIN.
PPR Relief : 19yrs ownership = 228 months. Was her PPR for 120 months (includes final 12 months) thus Cap Gain of EUR 212,800*120/228=EUR112,000
So Cap Gain of EUR 212,800 less PPR relief of EUR 112,000 = EUR 100,800
Personal relief of EUR1,270 reduces gain to EUR 99,530
CGT TAX due: EUR 32,844 (EUR99,530*33%).
Or am I way off?