Sparky1972
Registered User
- Messages
- 32
I am now working in Europe having left Ireland end of '06. I have decided to put the house on Market. Can anyone advise how I can sell and not be liable or be exempt from Capital Gains or is there anyway that I can reduce my Tax Liability.
Look forward to your advice.
You have been ripping compliant taxpayers off by dodging your tax liabilities. AAM does not condone or facilitate tax evasion so please don't ask for advice on same.So in summary I had a house which I considered my primary residence, however the house has always been rented and I lived elsewhere renting an apartment.
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however I have never declared this from a Tax point of view. I had always considered that if I sold the house, then I would use the rent a room scheme and state that I was living there also, as all bills etc are in my name and hopefully avoid Capital Gains Tax
Since you are guessing I presume that you are not absolutely sure that an investor purchasing the same property would not have been liable for SD? If they would have been then that is what your liability is (and it's overdue). Just because an owner occupier was not liable for SD on the purchase (e.g. perhaps it was a new house or second hand one under the relevant exemption threshold) does not mean that an investor owuld not have paid SD. How much did the property cost three years ago?There was no Stamp Duty applicable on this house at time of purchase
You seem to be having some trouble accepting that you are almost certainly liable for this SD clawback, and that it is well overdue, no matter how many times people here tell you. You really need to contact an independent, professional tax advisor to set you straight. They will also set you straight about (a) your presumably outstanding rental income tax liabilities and (b) the fact that you have fraudulently claimed owner occupier mortgage interest tax relief if you have been claiming this all along.After buying I decided to rent house and I lived elsewhere renting an apartment. So in summary I had a house which I considered my primary residence, however the house has always been rented and I lived elsewhere renting an apartment.
c) The possible implications of tax evasion trying to reduce the CGT bill due, should you decide to sell.They will also set you straight about.....
The CGT is only payable on gains made and when certain reductions (annual exemption, sale costs etc.) are included to get the taxable amount the CGT bill might not be a huge burden.The affairs are now with an Accountant so all is been sorted to get things update. I have decided not to sell due to the CGT implication.
The final 12 months of ownership of a PPR before sale are still considered as the property being a PPR (for CGT calculations), the 12 months are to allow for the sale to take place etc.What are the CGT implications on a property in Ireland when person has moved abroad
1) If it is considered your primary residence and
2) If it is considered an investment property
Is the CGT due on both of these above, as because you have left it is no longer your primary residence.
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