J jccahill Guest 20 Sep 2005 #1 Hi folks, I'm buying a second property and wish to rent out the apartment that I've lived in for the past 2 years, am I liable for stamp duty on the apartment? Cheers, Jo
Hi folks, I'm buying a second property and wish to rent out the apartment that I've lived in for the past 2 years, am I liable for stamp duty on the apartment? Cheers, Jo
B Budgie Registered User Messages 89 21 Sep 2005 #3 Watch out for CGT on your own apartment. When you go to sell, you will be taxed on part of the gain. The way Revenue work it out is as follows : Bought apartment for €200k - lived in for 2 years, rented out for 2 years sold it for €400k. CGT = 400,000 - 200,000 (ignore indexation) = 200,000 x 2/4 years x 20% CGT rate = €20k.
Watch out for CGT on your own apartment. When you go to sell, you will be taxed on part of the gain. The way Revenue work it out is as follows : Bought apartment for €200k - lived in for 2 years, rented out for 2 years sold it for €400k. CGT = 400,000 - 200,000 (ignore indexation) = 200,000 x 2/4 years x 20% CGT rate = €20k.