Another CGT Query, Sorry

Hello all,

Can someone please advise me on how much CGT i have to pay on the sale of my investment property, very green at this sort of thing.
Ye probaly answered this a thousand times but would appreciate a break down. My solicitor said he would do it for €300 but a friend of mine said do it yourself.
Anyway here's the breakdown, basic really.
Bought last year € 120,000 derelic small house, have sold for 180,000, i know nice business for 12 months.
Spent approx €5000 on renovations.
Thats it, any help much appreciated.

Tom

Very simply

Selling price less allowable costs gives profit. Profit less annual exemption of €1,270 gives taxable profit. Tax is levied at 20%.

Check www.revenue.ie to see if they define what is an allowable cost etc.

If you are unsure and the amounts invloved are significant, you should reallt consult a professional.

This CGT calculator should give you an indication of your liabaility but get independent, professional advice before making a return if you are not sure and the amounts are significant.

Ishmael's Capital Gains Tax calculator

Thanks Guys

Probaly consult professional, don't want to pay revenue too much or too little.

Tom