Q&A: Family will face tax bill on sale of Celtic Tiger era apartment even though they are only renting since they moved out
Cost of living: ‘I would not be able to afford to build and do that commute ... It is another mortgage’
Part of the issue, of course, was that lenders had been dishing out 100 per cent mortgages back when you bought the apartment – or even 10 per cent-plus in some cases – so you had none of the equity that a deposit would have given you. And clearly, from what you say, any inroads you made in the mortgage over those first five years were wiped out by the fall in property values by 2010.
It is interesting that you are still in this position – renting where you live while still renting out your former home. Most accidental landlords cut and ran as soon as they could once they got out of negative equity and with prices now well in advance of 2005 levels, I presume that opportunity is there.
Two-thirds? Yes, on top of the five/eighteenths that is exempt because you lived there, the last year of ownership is considered owner-occupation regardless of the situation in reality, so that brings the CGT exempt period to six/eighteenths, or one third, leaving you with two-thirds of any gain liable to CGT.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘I didn’t expect to be here’: Michael Skubala, Leeds’ accidental managerClub’s former under-21 manager finds himself in a relegation battle with Sean Dyche’s Everton
Read more »
Reo Hatate helps Celtic to comfortable victory over AberdeenThe champions remain nine points clear at the top.
Read more »
Tiger Woods faces criticism after handing Justin Thomas a tampon during tournamentIt occurred as the pair walked off the 9th tee after Woods had outdriven his American countryman
Read more »
Tiger Woods gives tampon to playing partner Justin Thomas after outdriving himThe joke during the first round of the Genesis Invitational was considered by many to be demeaning to women.
Read more »
Rory McIlroy moves into contention as Tiger Woods apologises for tampon prankShane Lowry shows signs of a return to form at Riviera Country Club
Read more »
Pippa O'Connor shares her struggles balancing work and family life - VIP MagazinePippa O’Connor is opening up about balancing her busy career with family life as a mum of three. During an Instagram Q&A, the model replied to a follower asking: “How do you juggle it all? Feeling very overwhelmed lately with family life and business.” Pippa was quick to reassure them that this is completely normal, … Continued
Read more »