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CGT Primary Residence

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  • 14-02-2007 10:06pm
    #1
    baz23
    Closed Accounts Posts: 1 ✭


    Hi,

    I am thinking of selling my apartment in Dublin. My sisters name is also on the deeds as I needed her to get approved for a mortgage at the time. She owns her own home also, the appartment is my only property.

    My question is that when I sell it will we be subject to CGT on all the profit as it is not my sisters primary residence or will we only pay on half because it is my only property?

    I paid stamp duty when I purchased it (8000euro) as my sister was not a first time buyer and was going on the deeds as the lender required. Will this be subtracted from the profit if CGT applies?

    Any help or advice would be appreciated. I will be consulting a tax specialist eventually but I just wanted to get an idea as I am only in the "thinking" stage at the moment.

    Figures will be something like this:

    Purchase Price: 216,000 + 8000 Stamp Duty + Fees

    Estimated value would be in the region of 280,000

    Thanks

    B


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