CGT on property owned for < 1 year

M

Madra

Registered User
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94
If you buy a second property and let it out and then sell the same property within a year, is it true that you are not liable for capital gains tax ?
 
In the circumstances you have posted above, No
You would haveto pay CGT

Are there any other details which you hve left out e.g. Did you live in the house as your PPR?

stuart@buyingtolet.ie
 
If you have only owned the property for a very short time, and the value of the property has not increased, then I would have thought there would be no capital gains liability on a property which has not increased in value. Provided it has genuinely not increased in value.
 
...and the value of the property has not increased...
Click to expand...

this possibility was not mentioned in the original post. I thought it would have been obvious that Capital Gains Tax only arises where there is a Capital Gain, ie an increase in value on disposal.
 
It wasn't mentioned, but it's a possibility if the property was only owned for a short period of time.

It may be obvious to you and me, though it may not be to everyone.

Just pointing it out in case it wasn't known by the original poster.
 
Just to clarify, it is an investment property and has risen in price since purchase.
 
Don't forget to deduct expenses. Legal expenses buying and selling. Auctioneers expenses stamp duty etc and the 1270 capital gain exemption.
 
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