Trading Up

[Ace2u]

Hi, I am selling my house i have lived in for seven years for 600,000 and hope to pay of morgage of 100,000 and purchase new house at 500,000. How much capital gains tax will i have to pay?
Also, i have since got married and my wife has never purchased a house, if she purchases new house will she be able to avail of fisrt time buyers grant?

 

[CCOVICH]

Hi, I am selling my house i have lived in for seven years for 600,000 and hope to pay of morgage of 100,000 and purchase new house at 500,000. How much capital gains tax will i have to pay?

If the house was your principle private residence (PPR) and you have occupied it continuously, then I don't beleive that any CGT is payable.

Also, i have since got married and my wife has never purchased a house, if she purchases new house will she be able to avail of fisrt time buyers grant?

There is no first time buyers 'grant'-there is FTB stamp duty relief. If you are both on the deeds of the new house, then neither of you will be deemed FTBs as far as I know.

However, if you are buying a new house, there may be no, or reduced stamp duty payable. That will depend on the floor area of the property.