Selling Primary Residence - Capital Gains Tax

[BPOSULLIVAN]

Hi,

We sold our primary residence in Dublin last May and have yet to buy a new property. We have heard conflicting reports that unless we buy a new property within 12 months we will be liable for capital gains tax. Is this correct? If not, do any such time lines exist between selling a primary residence property and buying a new property?

Thanks in advance.

 

[mf1]

Hi,

We sold our primary residence in Dublin last May and have yet to buy a new property. We have heard conflicting reports that unless we buy a new property within 12 months we will be liable for capital gains tax. Is this correct? If not, do any such time lines exist between selling a primary residence property and buying a new property?

Thanks in advance.

This is not correct. I suspect there is a confusion about what happens where buyers buy a property which becomes their primary residence and then try and sell their previous primary residence. If they can't sell it they may decide to rent it and then the question is whether CGT is payable on any portion of the sale price.

On the face of it, you have sold your primary residence. There is no CGT liability on that.

mf