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I need help understanding a CGT issue
I have a house in Dublin which I bought in 2001. It is my only huse and PPR
It has appreciated by circa €200k in that time - luckily
I live it in now, but am considering moving away to another part of Ireland and renting it out.
If I do so, is there any way of locking in the gain now i.e. getting a valuation once it ceases to be my Principal Private Residence ?
The reason is that I essentially have a €40k CGT bill at the moment for gains made while it was my PPP.
Can I revalue it to the current market value now to increase the allowable cost for a future sale ?
Thank You
I have a house in Dublin which I bought in 2001. It is my only huse and PPR
It has appreciated by circa €200k in that time - luckily
I live it in now, but am considering moving away to another part of Ireland and renting it out.
If I do so, is there any way of locking in the gain now i.e. getting a valuation once it ceases to be my Principal Private Residence ?
The reason is that I essentially have a €40k CGT bill at the moment for gains made while it was my PPP.
Can I revalue it to the current market value now to increase the allowable cost for a future sale ?
Thank You