Bought house in '94 for equivalent of 50k euro with then partner. So 25k on my side.
Bought out partner in '99, house valued at 100k so cost me 50k extra.
Married since, moved house, OH came on deeds in 05 for mortage reasons, moved to a PPR and old house became investment property (IP).
House valued at 300k at time of signing. House went up in value but now back around the the 300 mark. Trying to work out the CGT if I sell now.
I rang revenue CGT section and spoke to them, got some calculations, wasnt clear, rang them back but got different calculations from a different person. grrr.
CGT is for 3 out of 14 years (as I lived in for 11), index linking, solicitors and agents fees are deductible are all ok, whats not clear is the base figure to work it out on.
As far as I can tell from the conversations I had its either worked out on
A) my initial 25k + the additional 50k as purchase price
= (300k - 75k) * 3/14 (indexing and other ded. expenses to go on)
B) Or its the original price of the house = 50k and then the additional 50k I spent purchasing can be taken off the profit as an expense.
= (300 -50 -50) * 3/14 (indexing and other ded. expenses to go on)
Neither person I spoke to thought that because my OH name went on the deed in 2005 when we remortgaged when house was valued at 300k was a concern, but Im not sure on that because is that not the equivalent of my OH buying a half share in the house for 150k?
Bought out partner in '99, house valued at 100k so cost me 50k extra.
Married since, moved house, OH came on deeds in 05 for mortage reasons, moved to a PPR and old house became investment property (IP).
House valued at 300k at time of signing. House went up in value but now back around the the 300 mark. Trying to work out the CGT if I sell now.
I rang revenue CGT section and spoke to them, got some calculations, wasnt clear, rang them back but got different calculations from a different person. grrr.
CGT is for 3 out of 14 years (as I lived in for 11), index linking, solicitors and agents fees are deductible are all ok, whats not clear is the base figure to work it out on.
As far as I can tell from the conversations I had its either worked out on
A) my initial 25k + the additional 50k as purchase price
= (300k - 75k) * 3/14 (indexing and other ded. expenses to go on)
B) Or its the original price of the house = 50k and then the additional 50k I spent purchasing can be taken off the profit as an expense.
= (300 -50 -50) * 3/14 (indexing and other ded. expenses to go on)
Neither person I spoke to thought that because my OH name went on the deed in 2005 when we remortgaged when house was valued at 300k was a concern, but Im not sure on that because is that not the equivalent of my OH buying a half share in the house for 150k?