Hi, first time poster so apologies if I have this in the wrong section, hopefully not. My situation/question is this - I have a property in Killdare with tenants in it, they pay the rent on time and are excellent tenants. After the mortgage is paid I have an income from the rent of around €450 per month. It is on a tracker mortgage and only has about 100,000 to pay over about 14 years left. I got married last October and we are in a rented house, which we now have to leave by august as it is being sold. We can’t afford rent so have actually just gone sale agreed on a house in Crumlin and have did not need to sell the house in Killdare to finance it. My question is if I do not sell now (as I was advised not to by an independent estate agent) will I be liable for a huge lump of tax if I do sell it down the line or when daughter inherits? I lived in it for nine years and have not lived there now for seven years. Should I sell it now quickly before we buy in Dublin? Do I need to live in it a certain amount of time to avoid capital gains tax etc? I always just wanted to leave this house for my daughter so want to do the best for her inheritance. I’ve zero knowledge on this kind of stuff so any info or advice will be very appreciated. Thanks so much in advance. J
EDIT: If it makes a difference the repayments in house in Kildare are just over €500pm and rent is €1000. (1% tracker) On the new house we will be borrowing €280, repayments about €1250pm with PTSB. Also the Kildare house would sell for around €170 now and I owe €112. Thanks
EDIT: If it makes a difference the repayments in house in Kildare are just over €500pm and rent is €1000. (1% tracker) On the new house we will be borrowing €280, repayments about €1250pm with PTSB. Also the Kildare house would sell for around €170 now and I owe €112. Thanks
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