Advice re selling rental property and tax

A

Advicepls

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Hi there

I am looking to sell my rental property. It was my PPR from 2007 to 2013. I paid 381 for it in 2007 and will probably sell it for around 325k. I have it rented with an EA since 2013 and all above board, tax return every year, registered with the prtb. I will be giving the tenants the required 140 days notice (plus a bit extra). Will I be liable for cgt or have any big financial surprises when coming to sell?

Any advice appreciated.

Thanks
 
The surprise is a pleasant surprise.

If you lose €50k on it, you will be have CGT losses of around €25k which you can set off against gains this year or in future years.

Brendan
 
Brendan Burgess said:
The surprise is a pleasant surprise.

If you lose €50k on it, you will be have CGT losses of around €25k which you can set off against gains this year or in future years.

Brendan
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Pardon my ignorance, but why wouldn't he has CGT losses of 50 k to set off future gains?
 
Brendan Burgess said:
The surprise is a pleasant surprise.

If you lose €50k on it, you will be have CGT losses of around €25k which you can set off against gains this year or in future years.

Brendan
Click to expand...
Not sure if the word is pleasant. He's lost money on it and he may not have gains on which to offset it.
 
Bronte said:
Not sure if the word is pleasant. He's lost money on it and he may not have gains on which to offset it.
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I suppose if you though you'd have to lose on the sale of a property AND pay CGT then hearing that tax doesn't apply is a pleasant surprise? #silverlining
 
Thanks all. We owe about 280 on the loan at this stage so will take a bit of money out of it. Does that effect anything?
 
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