You have a CGT liabilty for 5
Submitted by modicasa on Tue, 11/27/2018 - 01:36
In reply to A newbie all over again! by Annec
You have a CGT liabilty for 5 years from the date of purchase of an existing property. That CGT is calculated on the selling price, minus purchase price, notaio fees, agent fees etc and all invoices connected with the improvement of the property. Obviously there must be a traceable paper trail to deduct expenses.So, if you bought for 100,000, paid agent, notaio etc for 10.000, spent 10000 on repairs and then sold for 130.000 you would pay CGT on 10.000 profit which would be 2000 euros.
Hi Modicasa,
Submitted by Michelle G on Tue, 11/27/2018 - 14:50
In reply to You have a CGT liabilty for 5 by modicasa
Hi Modicasa, Thanks you for your reply. I just wanted to verify about the 5 year rule. Do you know if that is for everyone-even for a second home, rental property, non resident. Or would being a second home, rental property, non resident disqualify you- and you have to pay the CGT no matter how long you hold on to the property. Thanks again!
Its 5 years if you dont have
Submitted by modicasa on Wed, 11/28/2018 - 01:23
In reply to A newbie all over again! by Annec
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