Form 11 Capital Gains on Property Loss

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Mick79

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We bought our family home in 2005 for €240,000. In 2010, we had to move into rented accommodation, so we rented it out until 2016, when we sold it for €220,000. There were no estate agent costs, but legal fees were, say, €2,000. I'm trying to add this information to the Capital Gains section of Form 11 (ROS Offline version), here's what I have so far:

Residential Premises: 1
Aggregate Consideration: ???
Net Loss(es) in 2016: 22,000
Unused Loss(es) for carry forward to 2017: 22,000

Couple of questions: What figure do I put in Aggregate Consideration? Assuming this is the only CG related transaction for 2016, are there any other fields in that section I should be aware of?

Thanks!
 
The aggregate consideration is fairly straightforward - it's €220,000.

However, the sale of your principal private residence is exempt from CGT. In your case, the asset you are selling is (roughly) 50% your home, and 50% non- home. Therefore, if there were a gain you would be liable for 50% of the gain (on a time apportioned basis).

I am therefore assuming ( but stand open to correction), that the logic therefore is that you can only carry forward 50% of the unused losses - I.e €11,000.
 
Thanks Taxpert, I misread the guidelines to mean that it was exempt only if you were buying a new PPR, but it seems that you're correct. However, it appears that the last 12 months of ownership is also exempt -- not great news in this case!

The reason I'm asking is that I still have the apartment I lived in prior to this one, and I have to sell it shortly. I know you can only have one PPR... I wonder if the same logic applies though (i.e. would I be exempt from the 5 years or so that I lived in the apartment too, for what it's worth?)

Anyway, thanks for your help, at least I have enough to get on with for my current Form 11.
 
Mick79 said:
Thanks Taxpert, I misread the guidelines to mean that it was exempt only if you were buying a new PPR, but it seems that you're correct. However, it appears that the last 12 months of ownership is also exempt -- not great news in this case!

The reason I'm asking is that I still have the apartment I lived in prior to this one, and I have to sell it shortly. I know you can only have one PPR... I wonder if the same logic applies though (i.e. would I be exempt from the 5 years or so that I lived in the apartment too, for what it's worth?)

Anyway, thanks for your help, at least I have enough to get on with for my current Form 11.
Click to expand...

You can only have one ppr at any given time. Thus property a can be your ppr this year, and property b can be your ppr next year etc.

So if, for the 5 years that you did not live in your home, you lived in your other apartment, then the 5 years you lived in the apt will count as ppr in respect of that property. Also, if you owned that apartment for say, 15 years, then your CGT bill would be discounted by one third.
 
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