MichaelCOH
Registered User
- Messages
- 27
ALMOST 11 YEARS RENTAL INCOME THERE SO FAR. Have you been paying tax on your rental income up until now, have you registered with the relevant authorities, etc, etc, etc. Anything in your mortgage contract saying you could or couldn't rent? More information needed in order to answer your question.
CGT is paid on any gain made on the sale of an asset.
You don't state what you paid for the house, so we can't say if you made a gain or not.
Income tax may be owed on the rental income, you don't mention anything about that.
How many times do I have to post the same thing?!
You have no capital gains tax exposure.
If there's a gain, things like PPR Relief can dilute it or eliminate it, but if you're selling something for less than you paid for it, even Revenue would struggle to create a capital gains tax liability!
Thank you for replying Protocol.
Apologies - I paid E282,000 for the house.
I'm hopelessly ignorant on CGT, don't know how it's calculated. Is it just on purchase price v sale price? Or do they take in to account whatever gain I might make once my mortgage repayments are taken in to account? Also, because it was rented out for most of the time, would I not be taxed on that, because it wasn't my primary residence? Please forgive my ignorance!
It's simple: sale price minus the purchase price = gain
Mortgage is totally irrelevant.
Yes, there are adjustments if it was your PPR.
But in your case none of this matters, as you made a capital loss.
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