Selling your home – tax implications

Selling your home – Tax implications

When you transfer or sell a property you will be exempt from CGT if that property was your main residence while you owned it. This exemption also applies to land, up to one acre around a house.

If you let your home at any point that you owned it, you can claim a partial exemption. The Rent-a-Room scheme does not affect your claim for full exemption.

You may sell your home and the land up to one acre around it for its development value. In this case, the exemption will only apply to the value of the house or land without its development value. You may have to pay CGT on the value of the house or land over that amount.

Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie