Capital gains tax on surrendered properties

HBarca

Registered User
Messages
1
Hi,
Just a quick query for you tax experts out there. My father owns a few properties in and around Dublin. They've basically slowly approached to break even point following the crash. He wants to know that if he surrenders them (or they're repossessed) will he be liable to capital gains tax, he looked into selling them but the CGT is a massive chunk. There's mortgage arrears on a few them and as he's no 73 he's looking into the easiest option to manage them. Apparently gifting them to family members doesn't negate a massive tax bill either.

Thanks for the help.

Edit:Thanks for the replies, just to clarify he did remortgage some of them to fund a business venture so some are still quite a bit off the money needed to breakeven but if I'm correct the CGT is calculated off the purchase price?
 
Last edited:

Brendan Burgess

Founder
Messages
41,822
If the selling price is higher than the price he paid for them, the gain will be subject to CGT.

He can set the losses on one against the gains in another.

Brendan
 
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