Discussion in 'Budget 2019' started by Brendan Burgess, 10 Oct 2017.
To get land bought 4 years ago onto the market
General CGT doesn't seem to be mentioned at all, assume it's staying at 33%?
I didn't hear any talk of it. I also didn't see any mention of the thresholds for the inheritance/gift brackets.
I wonder will this change trigger an earlier than expected exit from the residential letting market for some landlords?
Should see a large volume of new property hitting the market next year.
If that's the case, I wonder will see a spike in listings before the end of the year as sellers try to get out ahead of the pack?
As soon as they can get photos taken!
my mother ( pensioner )bought a house in dublin 9 in late 2014 ( not her prime residence ), its too big for her , she can now sell next year and downsize , this is a good idea and hopefully will help families
I now have a very serious dilemma on my hands.....over exposed in property...
Bought RIP in Jan 2014 for 125,000 after costs, currently worth 230,000 at least. With no CGT on sale....take the money and run seems like a no brainer next year.
However I am receiving 1,700 a month (with a 2 month deposit) from the HAP from extremely good tenants with a baby who want to stay long term. ?????!!!!????
And ironically I started a thread only a few weeks back about the potential for government to extend this, not to bring it forward to help reduce the impact of mass selling by landlords in 2020-2021.
Every time the government interfere with the property market it backfires!!!
....sorry Sarenco...that was the thread you linked earlier....
€1,700 p/m for somewhere worth €230k seems like a very good return. Are your other properties performing to this level? Perhaps warrants a new thread.... I am sure there will be a few people in similar positions
No unfortunately they are not performing that well. My best yield is on that property.
The trouble is I really like this couple. It's their first time renting and have made an extraordinary effort to be perfect tenants. Considering they also have a new baby, I would feel terrible evicting them next year. When they moved in a few months ago, I had written in the contract my intension to sell in 2021. (At the end of the original 7 year CGT free period)
I will happily pay you 230k for it with the tenants in situ, and I am sure many others would too!
I will give you €235k.........
I was not aware of this CGT relief and as I have a property that I recently acquired can I benefit from this in the future. I am spending a lot to renovate at the present.
No it's only applicable for houses purchased between 2012 and 2014
You may get some better advice if you detail out your other properties- Current Value, Mortgage O/S, Mortgage Rate and Rental income. It may be worth having each property valued now as it will give you more information on which to make your decision.
Thanks. I went off and read up the act after I posted. now I know why I did not know about it as it no longer applies
I bought a small 1 bed apartment in Dublin in February 2014, and my brother is interested in purchasing it from me at market value.
- Would the CGT exemption still apply to my side of the sale?
- Would this be considered an arms length transaction and CGT exemption not apply?
- Even if sold at market value certified by official valuation from independent Surveyor and different solicitors for myself and my brother?
This is perfectly fine
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