tax on profits from house sale

S

sloggi

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are there any tax implications on disposing of a property that is my primary residence? i.e, do i get to keep all the profits after solicitor/estate agent fees etc? I know that Capital Gains Tax is not applicable so is there any other tax payable?

thanks
 
excellent thanks.....an ozzie was putting the frighteners on me. seems in Oz, house owners dont have it as good as we do!

thanks again
 
The only potential problem with the disposal of PPR is where the price you are getting is way beyond 'existing use value'. What this would mean is where you sold way beyond the market value (whatever that is these days). An example would where the price reflected say Tesco buying the property to create an entrance to their centre and as such was many times the current use value.
 
Now i may sound like a muppet here but let me get this straight....
I bought a second hand apartment 10months ago with a friend. Now we want to sell but I've heard that we could be charged Capital Gains Tax because we lived there for less than one year. Is this true?

I've tried to read the official government lit about it but I ended up confusing myself even more. Basically, we're both Irish citizens, resident in the republic and want to sell up without incurring too many losses.

Can someone please set me straight so I know where i stand?
 
Hi Embut

we bought and lived in our apartment since October, sold it and bought our house in May - I think as long as you lived there yourself and didn't rent it out, there's no tax to be paid.

it's different if you want to hold onto the property and rent it out...

M
 
embut said:
Now we want to sell but I've heard that we could be charged Capital Gains Tax because we lived there for less than one year. Is this true?
Click to expand...
Heard from whom? If you were living there since you bought it and it was never rented out then no CGT applies. There is no time limit.
 
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