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USA 1031 - Tax delay on property - Revenue code

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  • 12-07-2012 11:05pm
    #1
    poker--addict
    Registered Users Posts: 1,732 ✭✭✭


    Hi guys,

    just being reading some articles and in the US they have or had what they called the "1031" I am only learning about the subject so dont shoot me if its a stupid question:D

    Basically, as i understand it, when you sold a house at a gain you could trade up to a more expensive property and not be taxed on the gain from sale of the original.

    Does anyone know if i understand this correct?

    Is there anything similar in Ireland or EU?

    Thank you

    😎



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    #2
    Victor
    Registered Users Posts: 78,402 ✭✭✭✭Victor


    Capital Gains Tax (CGT) is payable on property gains here.

    There is an exemption for principle private residences.


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    #3
    poker--addict
    Registered Users Posts: 1,732 ✭✭✭poker--addict


    thanks victor, should have thought of that myself, gives me a start point.

    Any other exemptions that might be relevant to moving up market for a personal house, investment property or business.

    Or anyone able to recommend somebody with a very good knowledge of exemptions on the property tax side of things.

    😎



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