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Capital Gains Tax

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  • 30-09-2018 3:59pm
    #1
    pclarkeirl
    Registered Users Posts: 3 ✭


    Hello,
    We purchased a house in 1999 and lived in it until 2007. From 2007 - 2017 we rented the house and prior to renting it, we had it valued. We sold the house in 2017. We have had advise from 2 different accountants about how to calculate capital gains.

    Accountant 1
    The starting point of the CGT calculation is based on the original cost of the house in 1999 which is then multiplied by a factor of 1.21 etc...

    Accountant 2
    The starting point of the CGT is based on the 2007 valuation of the house which is when it ceased to be our Principle primary residence and became an asset.

    Which of these two conflicting rules is correct

    regards
    Pat
    Tagged:


Comments

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    #2
    barneystinson
    Registered Users Posts: 4,683 ✭✭✭barneystinson


    Wow. Accountant 2 didn't pass exams any time recently, or ever... :rolleyes:

    This is a very basic CGT query.


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    #3
    El Grifo
    Closed Accounts Posts: 43 ✭El Grifo


    Accountant 1.

    You will get relief called ppr relief for the period it was your residence.

    Ps while returns are due now for 31 October actual payment of cgt on 2017 disposals was due no later than last 31 january.


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