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Am I liable for tax?

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  • 21-11-2006 10:20am
    #1
    Maccattack
    Closed Accounts Posts: 1,322 ✭✭✭


    I have a gaff

    me mot has a gaff

    im thinkin about sellin and movin in with her.

    but i aint gonna spend the cash or pump it into her gaff.

    do i have to pay tax on the sale of the house or the profit i make on it?


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    #2
    Paraic
    Registered Users Posts: 20 ✭Paraic


    You won't have any tax liability!
    If you are living in your house and it's your main residence!

    Regards

    Paraic


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    #3
    Maccattack
    Closed Accounts Posts: 1,322 ✭✭✭Maccattack


    I thought i heard somewhere that you had to put the profits into another property to avoid paying tax. i could be wrong though.


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    #4
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Paraic wrote:
    You won't have any tax liability!
    If you are living in your house and it's your main residence!

    Hold on there, there are a number of qualifications. You have to live in it throughout the period of ownership and at least within the past year unless for work reasons you had to live away, you have to live in it for more than one year etc. etc. Otherwise the exemption could be reduced or even lost.

    If you are acquiring a half interest in your 'mot's gaff', there may also be Stamp Duty implications on that transfer.


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