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capital gains tax? second home

isthis1used · 2013-01-07 23:58:08

Hi I have a question about selling a second home. Basically my parents built a new house a few years ago and now want to sell the old home. A few people they have been talking to have said they will have to pay alot of tax on this as it is a second home. As for as I know the house was bought for £23000 in 1983 or so and is…

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08-01-2013 12:58am

#1
isthis1used

Registered Users Posts: 14 ✭

Join Date: September 2012

Posts: 8
Hi I have a question about selling a second home. Basically my parents built a new house a few years ago and now want to sell the old home. A few people they have been talking to have said they will have to pay alot of tax on this as it is a second home. As for as I know the house was bought for £23000 in 1983 or so and is supposed to be worth 200k now, is there a way to calculate what might have to be paid to Mr Tax man? And just for talk sake is there a way to get around paying the higher rate?

Tagged:

cgt land family house

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#2 08-01-2013 1:07am
Citizenpain

Registered Users Posts: 1,940 ✭✭✭

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Posts: 1890

See Main Exemptions & Reliefs - Private Residence here -

http://www.revenue.ie/en/tax/cgt/cgt-faqs.html

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#3 10-01-2013 8:24pm
Mr. Incognito

Registered Users Posts: 9,798 ✭✭✭

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Posts: 9552

That only applies to Principal Private residence and NOT to second Home

DO NOT rely on Property Advice hear.

Thread locked.

OP and respondent banned for 3 days.

Read the Charter.

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