Another CGT Query, Sorry

C

celticman

Guest
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.
 
Thanks Guys

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

Tom
 
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