Hi,
Can anyone answer this?
I bought our home for €125K, we are have now bought a second home and are considering renting out the first one. The value of the first home is now €240K.
My question is, if we were to sell in a few years for say €300K, is the CGT calculated on the difference between the value when first we rented it out i.e. €240, which would be a gain of €60K, or when we first bought it i.e. €125 which would be a gain of €175K
I can't find the answer on teh revenue website, and the phone number for this particular dept is constantly engaged.
I would appreciate any help. Thanks in advance.
Michelle
Can anyone answer this?
I bought our home for €125K, we are have now bought a second home and are considering renting out the first one. The value of the first home is now €240K.
My question is, if we were to sell in a few years for say €300K, is the CGT calculated on the difference between the value when first we rented it out i.e. €240, which would be a gain of €60K, or when we first bought it i.e. €125 which would be a gain of €175K
I can't find the answer on teh revenue website, and the phone number for this particular dept is constantly engaged.
I would appreciate any help. Thanks in advance.
Michelle