I have searched for various threads on this and i just wanted to confirm i had got it correct.
My husbands owns an apt which we are selling, we have bought a new house. A condition of the mortgage is that he clears his UB loan (ie mortgage).
Now the new house will be ready in about 4 weeks and apt not sold yet. We explained this and it will be fine so long as we clear the mortgage when the apt is sold.
If we sell it as quickly as possible and clear the mortgage, i assume we are not liable for CGT.
However we were thinking of of perhaps renting it out for a few years. If we do and sell it in say 5 years, then im assuming we are liable for CGT.
If so how is it calculated i saw somewhere it was 5/13ths of the increase in value from date rented to date sold?
Also would you advise that we change the mortgage on the apt to interest only until its sold. as we will be paying 2 mortgages in about a month, probably about €2,300.
Thanks.
My husbands owns an apt which we are selling, we have bought a new house. A condition of the mortgage is that he clears his UB loan (ie mortgage).
Now the new house will be ready in about 4 weeks and apt not sold yet. We explained this and it will be fine so long as we clear the mortgage when the apt is sold.
If we sell it as quickly as possible and clear the mortgage, i assume we are not liable for CGT.
However we were thinking of of perhaps renting it out for a few years. If we do and sell it in say 5 years, then im assuming we are liable for CGT.
If so how is it calculated i saw somewhere it was 5/13ths of the increase in value from date rented to date sold?
Also would you advise that we change the mortgage on the apt to interest only until its sold. as we will be paying 2 mortgages in about a month, probably about €2,300.
Thanks.