I bought a rental property in 2014. How much tax will I have to pay if I sell up now? (Via IrishTimesHome )
Full tax relief is applied where the property was owned for at least four and up to seven continuous years. Where the property is owned for over seven years, as in this case, the CGT relief will be tapered. Photograph: Isabel InfantesI purchased a rental house in December 2014 with the intention of returning to Ireland. The tenant has vacated the property. I intend to sell and purchase in a different part of the country.
There is a capital gains tax relief for properties that are purchased under an unconditional contract between December 7th, 2011, and December 31st, 2014, writes Suzanne O’Neill. Full relief is applied where the property was owned for at least four and up to seven continuous years. Where the property is owned for over seven years, as in this case, the CGT relief will be tapered, and the seller will get relief for seven out of the total years of ownership .
It is also important to ensure that you have paid relevant income taxes on your rental income up to the date your tenant vacated the property. This income should also be included in your 2022 income tax return along with any relevant expenses and capital allowances.
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