Living in Germany - selling property in Ireland

[gar32]

OK so things have changed and my sister & I are going to sell this apartment.

So we paid €212k for it and I cleared €106k off the mortgage a long time ago.

We are hoping to get €210k for it with the Mortgage around €86k to be paid.

After agent & solicitor cost etc. There should be Around €115k left.

Having made no profit from sale are there any other taxes due?

Also is this money considered as income ? Living in Germany I have to declare my worldwide income for the year.

I know there is a tax agreement but I would have to pay a higher tax rate on my income here if this is considered income.

Lastly I want to use my share to buy a family home here in Germany or with a job offer in Ireland then there in the next year or so.

Can I leave it resting in a account for a deposit without interest as the best option. No interest in a saving account these days.


Thanks in advance

Gar32

 

[Brendan Burgess]

You are selling this property at a loss, so there is no income or no gain in Ireland.

I would be very surprised if the rules in Germany were substantially different.

You should not buy another property until you know where you want to live.

Yes, you can leave it in a current account without any tax consequences.

Brendan