Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Sole trader - Capital gains tax on sale of home

Options
  • 15-02-2012 3:16pm
    #1
    K_2008
    Closed Accounts Posts: 26 ✭


    Hi,

    I've recently registered as a sole trader where the registered business address is my own home. I've just read (in the TAB guide to money, pensions & tax 2012 book) that if you sell your home you may be subject to Capital Gains Tax for the part of your home which was used as a business.

    Can anyone shed some light on this as its after frightening the life out of me & it wasn't brought to my attention before!

    Thanks,


Comments

  • Options
    #2
    dbran
    Registered Users Posts: 2,094 ✭✭✭dbran


    Hi

    This would only apply if you made a part of your home specificly for use as a part of your business to such an extent that it could not be used as part of your residence also.

    Claiming a portion of the mortgage interest as an expense of the business would also not be clever.

    Kind Regards


    dbran


  • Options
    #3
    K_2008
    Closed Accounts Posts: 26 ✭K_2008


    Thanks for the input dbran. All parts of the house would be used as my residence and not for office only, so that's good to know.

    Kind Regards,

    k_2008


Advertisement