MichaelCOH
Registered User
- Messages
- 27
Hello everyone,
Would appreciate any advice/opinions on my situation.
I bought my own home in Cork in June 2005, the mortgage was E262,000 and runs for 27 years.
But following the death of my mother I moved back home to take care of my elderly father in February 2008 and rented out my home.
Apart from a four month spell in 2009, the house has been rented out since.
My father died earlier this year and so I have to make a decision on what to do next. The family home, which I shared with my father, has to be sold and the proceeds split between myself and my two brothers.
I had hoped I would have some breathing room before the family home was sold, but there was nothing in the will stipulating this - but the solicitor tells me that the grant of probate won't come through for six months so I should have that much time any way before having to leave. I have no wish at all to remain in the family home, it is just that I would have to give my tenants six months notice, so my home wouldn't be free until then.
What I am hoping to be able to do, though, is sell my own home to move to Galway.
But I am wondering how I would be fixed tax-wise after selling my home because I rented it out for most of the time since I bought it?
An estate agent has told me that I would probably get around E270,000 for it, nor far off what I paid for it, so I'm lucky.
Would anyone have a rough idea of what tax I would pay on that?
My mortgage at the moment is E1,300. I am a PAYE worker on a salary of E60,000.
Would be grateful for any advice, thank you.
Would appreciate any advice/opinions on my situation.
I bought my own home in Cork in June 2005, the mortgage was E262,000 and runs for 27 years.
But following the death of my mother I moved back home to take care of my elderly father in February 2008 and rented out my home.
Apart from a four month spell in 2009, the house has been rented out since.
My father died earlier this year and so I have to make a decision on what to do next. The family home, which I shared with my father, has to be sold and the proceeds split between myself and my two brothers.
I had hoped I would have some breathing room before the family home was sold, but there was nothing in the will stipulating this - but the solicitor tells me that the grant of probate won't come through for six months so I should have that much time any way before having to leave. I have no wish at all to remain in the family home, it is just that I would have to give my tenants six months notice, so my home wouldn't be free until then.
What I am hoping to be able to do, though, is sell my own home to move to Galway.
But I am wondering how I would be fixed tax-wise after selling my home because I rented it out for most of the time since I bought it?
An estate agent has told me that I would probably get around E270,000 for it, nor far off what I paid for it, so I'm lucky.
Would anyone have a rough idea of what tax I would pay on that?
My mortgage at the moment is E1,300. I am a PAYE worker on a salary of E60,000.
Would be grateful for any advice, thank you.