CGT liability on renovated house

Hi all,

First time poster. I bought a terraced house in November 2013 which was in need of total renovation.I was a first time buyer and I stated that it would be my PPR for mortgage purposes. I have been renting in the interim. The house is now almost renovated and I have a couple of options and am wondering what the tax implications are for these.

1. Sell the house when fully renovated. I do not see myself living there for the rest of my life so this is an option. Would I be liable to CGT and how would this affect me when I buy a house I want as my home?

2. Rent the house with me living there. I know that there is a 10k tax free rental income allowed.

3. Rent it without me living there.

Would be grateful if you could help me in any way.

Many thanks

WWW.revenue.ie has useful guides to the main taxes. Really you're covering a huge amount of ground in those simple queries - in a nutshell;

1-Yes, liable to CGT on essentially the profit. Wouldn't affect a further purchase.
2 -You mean rent-a-room, have tenants with you as live-in-landlord. No tax implications if you don't breach the EUR€10k rule.
3-Can of worms - simple question but requires a huge answer. You could be breaching your mortgage conditions. Liable to tax from Day-1. Liable to have to deal with 'awkward' tenants and the PRTB. May affect a further purchase by you as long as you have it.

Anything purchased in 2013 and now extended to 2014 is exempt for CGT if kept for I think 7 years. Doesn't matter if it's your PPR or not.

Did you fib to the mortgage company to get the mortgage?

On the 3 options you would like us to advise you on, more details on your life plans would be needed. So filling out the money makeover thread would be a good idea.