Irish Independent: Home Economics: Our property finance expert answers your questions
0Joanna Murphy, CEO of Taxback.com calculates your liability. “In general, capital gains tax liability, assuming no reliefs available would be estimated as the difference between the sales proceeds and cost of acquisition, therefore, 140,000 – 98,000 = 42,000. CGT current rate is 33pc, so capital gain tax liability would be €13,860. However, there is a personal exemption of €1,270 that can be offset against the chargeable gains.”
