Hi All.
I am attempting to calculate the CGT on the following and would be grateful for verification please.
Apartment purchased in Dublin in May 2001 for €204,427 (161,000 punts €1 = IR £0.787564)
I lived in it until Feb 2003 when I move to Cork.
My brother lived in apartment until Feb 2005.
Since then it has been rented out.
We estimate that the current sale price today at €290,000
No significant development of the apartment has taken place.
I have made an attempt to calculate but not sure it is correct?
(Can the years that we lived in property be taken into account?)
Calculation of gain 2019:
Disposal Consideration €290,000
Less Incidental Cost of Disposal - €7,000
Net Disposal Consideration €283,000
Deduct:
Value on 6 April 2001, adjusted for inflation;
i.e. 204,427 x 1.087 = - €222,212
Capital Gain €60,788
Less Personal Exemption -€1,270
Chargeable Gain €59,518
Tax due 2019 @ 33% €19,640
Thanks in advance,
Sean
I am attempting to calculate the CGT on the following and would be grateful for verification please.
Apartment purchased in Dublin in May 2001 for €204,427 (161,000 punts €1 = IR £0.787564)
I lived in it until Feb 2003 when I move to Cork.
My brother lived in apartment until Feb 2005.
Since then it has been rented out.
We estimate that the current sale price today at €290,000
No significant development of the apartment has taken place.
I have made an attempt to calculate but not sure it is correct?
(Can the years that we lived in property be taken into account?)
Calculation of gain 2019:
Disposal Consideration €290,000
Less Incidental Cost of Disposal - €7,000
Net Disposal Consideration €283,000
Deduct:
Value on 6 April 2001, adjusted for inflation;
i.e. 204,427 x 1.087 = - €222,212
Capital Gain €60,788
Less Personal Exemption -€1,270
Chargeable Gain €59,518
Tax due 2019 @ 33% €19,640
Thanks in advance,
Sean