Capital Gains on NPPR in negative equity

G

giblet

Registered User
Messages
23
Hi All

Purchased a house for 180k

Market value is currently 240k

Mortgage is 260k (I re-mortgaged in the past)


So just trying to get approx total of cost if I was to sell this property today...


Negative equity shortfall of 260 - 240 = 20k

Capital Gains Tax (240 -180) x 0.25 = 15k

Selling Costs approx 8-10k


Just want to confirm the CGT calculation

Thanks in advance
 
You have an annual CGT allowance of € 1,270 so tax would be ((240-180)-1 ) x 0.25 otherwise this is correct.

If property purchased before 2002, then cost can be indexed up.
 
I presume that NPPR means Non Principal Private Residence?

The mortgage situation is not relevant.

It is just the gain or loss on the capital value.

Brendan
 
You can also deducted the selling expenses from the gain.

((240-180-10)-1 ) x 0.25
 
and purchase expenses and possibly any property enhancement expenses incurred durint the period of ownership
 
And don't forget stamp duty on the purchase price, I assume it applied since this a NPPR...
 
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