I bought a house in 2004 with the intention of living in it but rented it out about 6 months later. It has been rented out ever since. I have paid taxes on the rental income (form 12) but would not have paid any stamp duty at the time of purchase.
My understanding is that I probably owe stamp duty as I did not live in it for 5 years before renting out. Is this correct? Also, is there anyway I can find out how much I owe and when I would need to pay it? Will it be when I am selling the house?
Properties where the consideration paid was less than €127,000 were exempt from stamp duty for both categories of buyer - FTBs and others - as far as page 6 the document I've linked to below states.
Properties within the band €127,001 to €190,500 were exempt for FTBs and subject to 3% stamp for other buyers.
What was the consideration that you paid for the property?
Are you planning to sell/transfer ownership in the near future?
Thank you. I would be in the €190,501 - €254,000 band so that would be 4%, I believe.
I am currently saving for a deposit to buy a new home over the next two years and I am seriously considering selling the rented property. Will it come to light during the selling process that this stamp duty is owing or should I reach out to Revenue in advance to to make payment?
Assuming you were a first time buyer in 2003 and the stamp duty at that time for a house in the price band €190,501 to €254,000 was 3%, can you remember why your solicitor did not apply stamp duty at that rate to the transaction?