Sell within 1 year or incur Capital Gains Tax

The above from the IT property porn section yesterday.
ireland.com/newspaper/proper … 01933.html

I did not know this. :open_mouth:

I’ve never heard anyone mention it, I thought it is my PPR so CGT does not apply.

Granted, it’s a fairly small group to whom it applies, but it ain’t funny.

e.g.
House bought in 2000 above for €200k, trying to sell now for €600k.
Gain €400k…
1/15th example above is €26666.
CGT liability @ 20% is €5333.

A kick in the crotch like that is bad enough, until we remember the price is falling aswell as the CGT liability Rising …
This liability is rising, so if it takes 2 years to sell, then the figure is 7 out of 8 years of occupancy - or 1/8th - 12.5% of gain liable for CGT @ 20% which is €10000. :open_mouth:

Scary stuff. This could definitely translate into ‘Forced Sales’ for these people. No idea how many people are in this position.

Well it only applies to people for whom the property they’re selling isn’t their PPR.
I’m guessing most people selling houses now ARE selling their existing PPR, and would be trading up / across and can’t really close the purchase of their new house until the old one is sold.

proximo - i would agree with the above poster -
if you are living in the gaff as your PPR and you sell, you do not pay any CGT.

if you live in the gaff , then leave to another gaff , then sell the first gaff - in this case you use the formula to work out your CGT.

seems straight forward to me :slight_smile:

OT bue where is the quote “Ah, but the wonks were right in 2000-2002, and have been right since.” from?

only applys if you make a profit and you are not in negative equity

its a quote from sidewinder - a doom-monger ringleader/posterboy for this site. he said this in a rare moment of clarity.

should really put his name beside it :slight_smile:

Indeed - but give it another year or two and the irony will be complete.

thepropertypin.com/viewtopic … ince#31747

here it is :slight_smile:

cue loads of talk about inflation , real prices , nominal prices etc.

for the record i will eat my hats if i can pick up a d9 3 bed gaff for less than 190k as was the case in 2001.

How many hats and what are they made of? I demand details :slight_smile:

i have 3hats , but i will eat only 2 of them :slight_smile:
one is made of straw the other is made of cloth.

feel free to post a url to a myhome which meets this criteria.
i will post a link to me eat said hats on youtube :slight_smile:

d.oh…

i need to start readign the posts…damm reply already there…

I wasn’t disputing that, sure it’s straightforward … :laughing:

However, as I failed to mention, the people living next door to the house I’m now renting, have had their house on sale for 6 months. They had to move and rent - kids.

Now these guys are IN that loop. The meter is running. They are not the only ones I know who are renting while trying to sell - albeit for the same reason. It could easily have happened to me.

NOT SO.

I put my PPR on the market and expect to sell in 6 months. I don’t sell :unamused:
I move to rented accomodation, for reasons like kidz, job, divorce, etc.

From the moment I move the meter starts running. I have 12 months.

Now, as we all know, 2Gaffs inc, the market ain’t great - for me. Every day is another minus sign, and the closer I get to 12 months the more pressure …

So I stand by the post. It’s valid. There will be forced sales in this group, a small one sure, but it’ll happen. Like other groups, they’ll get Caught.

Not a nice place to be.

2 Gaffs, stock up on Salt N’ Peppa caus u gonna need em … :laughing: