Selling and TAX

R

roker

Guest
I am selling my house after buying it 11 months ago from the sale of my last house. This is my only and main residence, is there a time limit for tax exemption? will I have to pay capital gains tax on the difference between the buying and selling price.
I have just paid €10,000 stamp duty will I loose this?
 
Since it's your PPR you don't have to pay CGT. You can't reclaim stamp duty.
 
If you have genuinely been living there as an owner occupier of it as your PPR then there is basically no time limit. Only if this was not the case or you were a serial buyer/re-seller over short periods of time (in which case Revenue could decide that you were engaging in a trade in re-selling houses) might Revenue decide to apply a different tax treatment than applies to owner occupier resellers of their PPR. If you have any doubt about your specific situation then please post more details here and/or get independent, professional advice.
 
I have been living in the house during the period since I bought It.
 
OK - so you should be exempt from CGT so as an owner occupier seller of a PPR. As mentioned earlier there is no facility for reclaiming Stamp Duty paid on the purchase though.
 
Is it not a minimum of 12 months PPR before becoming exempt from CGT?
 
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