Tax on rented property

[stripey]

This is my first post, so there is probably already an answer to my question already so a pointer to same would be satisfactory.

Looking to buy new home after moving away from Dublin, have property in Dublin bought well before the surge in prices and lived in it up until end of last year. Renting same since January and would like to know how to calculate the tax that I would have to pay on sale of same property.

Also, would I be crazy to sell now. Realize prices are dropping and buyers/banks not as willing. Feel if I can hold onto property in Dublin its value will be much greater than another similiar property outside of Dublin. What if dropping prices create more opportunities later if I sell now i.e. maybe afford something cheaper in Dublin and have enough from sale to cover deposit, stamp and other expenses on second property?

Thanks.

 

[LDFerguson]

Revenue have a couple of good leaflets - [broken link removed] helps you with tax on the rental income and this one deals with Capital Gains Tax on the eventual sale of your property - have a good look at Page 15 of the latter as it explains about a house which was once your private residence.

 

[ClubMan]

Moved from Mortgages and Buying and Selling Homes.

Lots of info in the Property Investment Key Posts, FAQ and many existing threads on the same sort of topic.

 

[stripey]

Thanks Liam and ClubMan. Good information retrieved from your links and references.