FillSpectre
Registered User
- Messages
- 53
FillSpectre said:He is under the beleif that if he moves out of his home, rents that out and moves into the investement property he will be able to claim that as his residence. He is then free of CGT if he stays a year before selling is his belief. Is this right?
NoI thought there was a way of selling your assets to reinvest without paying CGT is there?
FillSpectre said:He is worried about CGT as he it would be over €120k.
howareya said:Is he making over 600,000 profit on the sale. has indexation been used to calculate the CGT.
FillSpectre said:Thanks for the explanantion.
ubiquitous said:Sorry for disappointing you, but you didn't ask for an explanation.
ubiquitous said:I couldmyself every time someone asks a question here that already has been answered many times - especially as it is very easy to find these answers by using the Search facility.
CCOVICH said:You cannot have more than one PPR ('home') at any given time.
FillSpectre said:from the tax office
"The exemption is also restricted where the taxpayer has not lived in the house for long periods.
However, a period of up to twelve months immediately before the end of the period of ownership is
treated as a period of occupation even though the owner may not have been actually living in it during
that period."
THis is the bit my firend believes means he can become exempt from CGT if he lives there for a 1 year and rents his other house
on page 15
http://www.revenue.ie/leaflets/cgt1.pdf
FillSpectre said:I used search and haven't found anything.
FillSpectre said:blunt,rude or ignorant...
CCOVICH said:If you read the entire section on PPR relief in that leaflet carefully you will see that this is a non-runner.
bazermc said:In conclusion Fillspectre you cannot Legally avoid paying CGT on an investment property if you make a capital gain. The legislation on PPR relief is plugged very tightly to ensure it is not abused
On a second point do you not consider it fair that an investor should pay CGT if he/she makes a gain....when FTB's are struggling to get on the ladder as the bubble grows and grows due to speculators with substantial purchasing power
FillSpectre said:I thought there was a way of selling your assets to reinvest without paying CGT is there?
FillSpectre said:Nobody really mentioned the second issue. Which I believe is possible through reinvestement but only appears to off put CGT untill later
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