in house a year and thinking of selling - tax implications?

N

nelly

Registered User
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521
Hi All,
i am thinking of relocating. If i do i would need to sell to buy new house in new location. Will i loose my FTB tax allowance even though i have only claimed it for a year? Are there other taxes i might incurr?
my house is valued at €340k and any new house would cost roughly the same in new area.
 
nelly said:
If i do i would need to sell to buy new house in new location. Will i loose my FTB tax allowance even though i have only claimed it for a year?
Click to expand...

What do you mean by 'FTB tax allowance'?

nelly said:
Are there other taxes i might incurr?
Click to expand...

No, unless you rented out the property other than under the Rent a Room Scheme.
 
by FTB allowance i mean Tax relief on Mortgage (the correct name escapes me)
 
You might have answered the question too CCOVICH?

There's been some debate about that issue recently. Clubman was fairly adamant that you would lose (not loose - really annoys me!!! ) out on the TRS when you changed properties, but I think the final outcome was that you could change properties as often as you like and still claim TRS for 7 years.

Do a search for TRS and FTB and you should find the thread.

Hope that helps.
 

It's fairly straightforward (as far as I can see)-FTBs can claim €800
And non FTBs can claim €508

As per the [broken link removed].

If you sell your house and buy another, your are no longer an FTB-I don't see any debate???

Or am I missing something?
 

Maybe I am-from reading this thread, it seems that you qualify for FTB TRS relief for 6 years after your first claim for TRS as a FTB

Sale and purchase within first five years

Where, within the first five years a person buys a qualifying residence,sells it and buys another qualifying residence he/she will qualify as a first-time buyer in relation to the second qualifying residence - in respect of the remainder of the five year period, which commenced on taking out the loan for the first qualifying residence.​


(Taken from the Revenue briefing linked to in the previous thread)

The five year period was extended to seven years by a subsequent Finance Act.

Certainly confuses me, but is good news for the OP (and myself as well).
 
AFAIK and i'll be able to confirm in a few weeks when we finally move, you are intitled to FTB's relief for the 1st 7 yrs you are paying a mortgage regarless of the amount of properties owned in that time.
 
That's pretty much what I've said in the post above-confirmed in the Revenue briefing.
 
Our TRS was reduced when we moved into our 2nd home, who would we have to contact to try to reclaim the difference?
 
Your TRS could have been reduced of the amount if interest you pay is less than the relevant threshold, or if you are outside the initial 7 year period.

Contact the Revenue, and your mortgage provider to see what they have to say.
 
thanks for the help, i had recieved muddled advice and this post has cleared it up,
cheers
 
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