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How Long to Move into House / CGT

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  • 13-08-2003 1:58pm
    #1
    MazyMo
    Closed Accounts Posts: 81 ✭✭


    This is the scenario...

    Someone owns *no* property, and the person is currently living at their parents house.

    The person then does buy a house with the intention of moving into the house which they have just bought, and the house becoming their primary residence.

    How long does the person have to move into the house before there might be CGT tax implications upon resale? If the person didn't move into the house for 4 weeks after purchase, then I'd guess there wouldn't be a problem. Though if the person didn't move in for 3 years, then I expect the Revenue would say it wasn't always the primary residence (even though the person owned no other property).


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    #2
    Victor
    Registered Users Posts: 78,370 ✭✭✭✭Victor


    An important question would be what is the property being used for in the intervening 3 years. If it is being rented out, then CGT automaticly applies.


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    #3
    DaithiSurfer
    Closed Accounts Posts: 843 ✭✭✭DaithiSurfer


    As long as you are not renting the house there is absulutely nothing that can be done aginst you saying you stay there 2 nights a week or something like that.
    How can they prove you don't anyway.


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    #4
    MazyMo
    Closed Accounts Posts: 81 ✭✭MazyMo


    The property would not be rented out, and would not generate any other form of income. And would not be used for any business purposes.

    I'm just after ringing Revenue, and according to the person I was talking to someone has up to one year in which to move into a house and make it their primary residence.

    Otherwise there could be CGT implications upon resale.


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    #5
    spongebob
    Closed Accounts Posts: 6,143 ✭✭✭spongebob


    one year , yeah.

    same aplies if you buy a house coz you are moving and take some time to sell the old one, both are primary residences for a year, after that the old one comes in for CGT as well.


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    #6
    dmeehan
    Registered Users Posts: 2,455 ✭✭✭dmeehan


    how could the revenue prove (beyond resonable doubt) that it hasnt been your primary residence?

    incidently, where has your "friend's" tax papers been mailed to for the past 3 years?

    even still he could claim that he never changed the address as his parents kept the mail for him anyways???:confused:


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