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Permanent House Swaps (Trade-In's)

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  • 09-04-2009 12:51pm
    #1
    dbrazil
    Closed Accounts Posts: 10 ✭


    Does anyone know of anyone who is considering swapping houses(part exchange etc....)

    I was thinking there must be pople with houses they can no longer pay mortgages on and need to downsize and perhaps some people wishing to move up in size but cant sell their own propertys.

    Perhaps people might consider swapping and paying difference on house values.


Comments

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    #2
    John Mason
    Hosted Moderators Posts: 10,661 ✭✭✭✭John Mason


    the problem with this is you are still liable for the cgt tax on the market value of the property regardless if cash has exchanged hands


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    #3
    eileen grace
    Closed Accounts Posts: 4 ✭eileen grace


    How much is CGT, % wise?

    I have been thinking about setting up a housing co-op as a mutual exhange mechanism for those of us stuck in the owner occupier rut? Any problem with doing that...legally i mean.


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    No. 1- in order to owe CGT you have to have made a capital gain on the property. Its almost a given that any property purchased since 1997 now is below its initial purchase price and hence would not qualify for a gain.

    You would have to pay stamp duty on the transaction- a flatrate 1%- and all exemptions (e.g. firsttime buyer etc) have all been removed from the equation.

    I am closing this thread- as if you check the previous post on it was over 2 years ago. If you would like to open your own thread on this topic (or others) please do so- and the good folk who frequent this forum will be only too happy to help.

    Regards,

    SMcCarrick


This discussion has been closed.
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