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Selling rented property

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  • 15-04-2023 1:41pm
    #1
    mistymarmar
    Registered Users Posts: 5 ✭


    Hi I have only have one house I rented it out in 2017 for a year and moved back home to family. I have rented it out last year for six months as I went abroad. My question is if I sold my house will I have to pay capital gains on it. Or if I sell it to buy another house do I have to pay capital gains even though I will be using the money to buy a more expensive house

    Post edited by Spear on


Answers

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    #2
    Caranica
    Registered Users Posts: 10,117 ✭✭✭✭Caranica


    Yes but your liability will be calculated based on time rented as a proportion of time owned so depending on how long you've owned it out should really drop your liability



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    #3
    mistymarmar
    Registered Users Posts: 5 ✭mistymarmar


    I own the house eight years



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    #4
    Caranica
    Registered Users Posts: 10,117 ✭✭✭✭Caranica


    So the liability will be the CGT rate x 0.1875 by my calculations but please get a professional to double check.



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