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Moving House
Moving House
by Squid Games » Fri Apr 21, 2023 10:23 am
Can anyone advise please.Thinking of moving House,if we purchased the house for 200,000 and sell for 300,000 (100,000 profit) but want to reinvest all in the new house do you still get taxed on profit .We are residents and lived in the house for 15 years.
Many thanks
Many thanks
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Re: Moving House
by Adey » Fri Apr 21, 2023 10:28 am
If you are both over pensionable age and lived in the property for more than 3 years there is no capital gains tax to pay.
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Re: Moving House
by marcliff » Fri Apr 21, 2023 10:34 am
Main home exemption. If you are selling and the amount of money you receive is invested in another property anywhere in the EU there is no CGT to pay if that then becomes your main home.
This must be done within 2 years of selling the property.
This must be done within 2 years of selling the property.
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Re: Moving House
by Volcano » Fri Apr 21, 2023 4:45 pm
Does this apply for a holiday home, if I sell my holiday home but buy another which is more expensive?
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Re: Moving House
by marcliff » Fri Apr 21, 2023 5:08 pm
Volcano wrote:Does this apply for a holiday home, if I sell my holiday home but buy another which is more expensive?
No because it's not your primary residence. It's a main home exemption.
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marcliff - Posts: 9694
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Re: Moving House
by nottsman » Sat Apr 22, 2023 8:35 am
If you make 100,000€ (profit from main home) from a sale. Buying a new main cost 50,000€ more , can you us the other 50,000 to pay the buys taxes 10%/12% & your cost or does all the 100,000 have to be used on the price of the new home??
Many thanks
Nottsman
Many thanks
Nottsman
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