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Tax on Selling an Apartment

Question

Hello all.

I am planning on selling my apartment (my principle and only residence) and returning to my country of birth.

There are 9 years remaining on the Mortgage = -/+ 100k yet to pay.

Over the 11 years i have been paying the mortgage it has increase in value (recently valued by an agent).

Bought for 200k, expect to sell for 300k = 100k 'gain'.

My question is, will i pay a TAX when i sell my apartment, specifically on these capital gains i'm guessing?

I obviously would like to walk away with as much as possible, as i will need to purchase a residence on returning to Ireland.

I'm guessing there must be some form of Private Residence Relief? Whereby i never bought it just to make a gain and need the monies to purchase a replacement home.

Please if anyone could give me a few pointers, as accommodation in Ireland don't come cheap.

Thank you. Enjoy the weekend.

Answer
CM Jul 15, 2017 12:55

No, there's no tax to pay.

Answer
anon Jul 15, 2017 12:56

If you've owned your house for more than 5 years, or it's your family residence, there is no capital gains tax to pay.

https://www.notaire.be/acheter-louer-emprunter/fiscalite-immobiliere/tax...

Answer
kasseistamper Jul 15, 2017 14:26

When selling your place you will have to employ a notaris just as there was one involved when you bought it.
Their fee is set by law and you can ask as many questions as you like. It won't cost you any more and they will be liable for any errors in the info which they give you.

Answer
justmeself Jul 15, 2017 16:04

Fantastic Folks. Appreciate all the advice & help. Have a good weekend.

Answer
Mikek1300gt Jul 18, 2017 00:41

As long as you don't have US citizenship (which you can be born with in Ireland) then you should be fine. No tax in Belgium.

Answer
anon Jul 18, 2017 10:49

Hi Mickey! - Here we go again!

Even if you do have US citizenship, there is no tax in Belgium.

Whether you have any tax to pay in the US is a completely different matter.

Answer
Mikek1300gt Jul 18, 2017 12:25

Here we go again, ANON? You mean you trolling my answers as you've taken a deep dislike to my warning people about the US tax system?

Probably, you do seem to enjoy it.

The OP did not mention their nationality and did not specifically ask if taxes were due to Belgium, they asked if they had to pay taxes.

Given there are many US persons in Brussels and Belgium, the correct answer is there are no taxes due, the possible exception being if you are a US person as the USA taxes capital gains on the sale of your primary residence.

I know many people who have been very badly hurt by the USA and it's extraordinarily arrogant extraterritorial tax and penalty system and most of them out of complete and utter ignorance, and with FATCA now in full operation, there are many more to come.

By omitting to mention that taxes may be due to the USA if they qualify as a US person, you too could be partially responsible for the penalty hell they might face in future.

http://isaacbrocksociety.ca/

Answer
anon Jul 18, 2017 13:21

Hi Mickey - you're correct, they didn't mention their nationality, but they do mention that they were born in Ireland, so it's a reasonable guess that they are Irish. No where do they mention anything about the US. They could also be Eritrean, but you missed that one.

So long as you're going to pop up here with your FACTA rants, I'll continue to post rational and balanced replies.

See ya!

Answer
Mikek1300gt Jul 18, 2017 15:05

"As long as you don't have US citizenship (which you can be born with in Ireland) then you should be fine. No tax in Belgium."

And you really needed to balance the above post with as "rational" response? You truly are a cretin.

Answer
anon Jul 18, 2017 17:41

@ MIKEK1300GT "You truly are a cretin."

As I've suggested before, you probably need to see someone about your anger management issues.

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