Hi,
I am living in London 4 years and have just moved into a new pad. I needed 100k deposit which was lent to me by my brother. I have one year to pay him back. I have a property in Dublin that I will sell-
Value: 300000
Mortgage: 0
Profit liable for cgt: 150000
Net amount available to me 250000
However...
I have a mortgage based on an investment property in a town 1 hour from Dublin
Mortgage 300k
Current value 150k(purchase price 350000)
Loss in terms of CGT 200000
If i sold this first I could offset gain on other so I would end up with 200000k.
Does this make economic sense?
You may require further information.
Current mortgage on this property in negative equity is interest only tracker Permtsb- 1%
Mortgage monthly payment E300 Rental income E1000
(and a final point is that this mortgage is in fact secured on 2 identical 3 bed semis - I bought each for 175000k and they are each valued at 75000k currently :-( )
Would very much value your opinion
nbc
I am living in London 4 years and have just moved into a new pad. I needed 100k deposit which was lent to me by my brother. I have one year to pay him back. I have a property in Dublin that I will sell-
Value: 300000
Mortgage: 0
Profit liable for cgt: 150000
Net amount available to me 250000
However...
I have a mortgage based on an investment property in a town 1 hour from Dublin
Mortgage 300k
Current value 150k(purchase price 350000)
Loss in terms of CGT 200000
If i sold this first I could offset gain on other so I would end up with 200000k.
Does this make economic sense?
You may require further information.
Current mortgage on this property in negative equity is interest only tracker Permtsb- 1%
Mortgage monthly payment E300 Rental income E1000
(and a final point is that this mortgage is in fact secured on 2 identical 3 bed semis - I bought each for 175000k and they are each valued at 75000k currently :-( )
Would very much value your opinion
nbc