Do you pay tax on sale of investment property?

S

Sharky

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Thanks in advance for any help.

If I buy a house in Ireland today and sell it in 3-5 years time do I pay tax?

And if so how is it calculated?
 
I am aware of google search hahaha but thanks. The tax looks to be 33% this is only taken off the profit right? So sale price less purchase price and not sales price less outstanding mortgage?

Is it the same rate of tax regardless of number of years held?
 
Yes, it's a tax on capital gains, that's why it's called CGT.

Any mortgage is not relevant for CGT.
 
Mortgage has absolutely nothing to do with it. You pay Capital gains tax if you make a profit but if it's a loss you can carry it forward against furture gains.

What are you planning on doing? And it's not just only 33%, that's a heck of a lot of tax especially if you've held the property a long time and your capital appreciation is not indexed linked.
 
I am considering buying an investment house to rent out and sell down the line. I am aware of the tax implications on rental income. Are there any other costs I need to think about or tax that I will be hit with?

Bronte said:
Mortgage has absolutely nothing to do with it. You pay Capital gains tax if you make a profit but if it's a loss you can carry it forward against furture gains.

What are you planning on doing? And it's not just only 33%, that's a heck of a lot of tax especially if you've held the property a long time and your capital appreciation is not indexed linked.
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