Your property questions answered

What are the tax implications of swapping houses?

Q I was interested to read your item last week about bartering and wondered what the tax implications of this would be with regard to capital gains tax? My friend and I bought two houses between us some years ago, for the same price each, as investment properties. They are now each worth more-or-less the same, with roughly the same outstanding mortgages. If we were to “swop” each other’s half shares, so that we each own a house outright, what are the tax implications?

ALast week's question concerned a woman looking to swap her family home (which she is having trouble selling) for an apartment plus some cash. She was wondering how she might find a likely "swapee". Property can't really be "swapped" in the casual sense that you might swap any other item, as the conveyance of ownership must still take place with all the legal, stamp duty and capital gains tax implications any property transaction involves. You and your friend would essentially be selling your share of the properties to each other and, if the professionally assessed valuation on the properties indicated that you made a capital gain, then you would be liable for that tax and there would also be stamp duty implications.

How do I know if I have a carbon monoxide problem?

Q There is a TV campaign about carbon monoxide poisoning. It emphasises ventilation and getting your boiler serviced. How do I know if I have enough ventilation? My boiler is new (our house is less than a year old) so there should be no problem. How do I know if I’ve a problem?

AYour new house would have been built to building regulations which specifies vents in rooms and, once you don't block these, that should be sufficient. There is a temptation in cold weather to block vents – don't do it. While getting appliances and boilers serviced is a must, it doesn't guarantee you won't have a carbon monoxide problem. Carbon monoxide (also known as CO) is a poisonous gas produced when carbon fuels (coal, wood, oil, petrol, propane or natural gas) don't have enough oxygen to burn completely. It is odourless, colourless and toxic. As it's impossible to see, taste or smell, the toxic fumes can kill you before you are aware it is in your home.

At low levels of exposure, CO causes mild effects often mistaken for the flu. These include headaches, dizziness, fatigue, disorientation and nausea. Check the safety section on the Bord Gáis website – www.bordgais.ie – for the warning signs. The best way for some peace of mind is to get a carbon monoxide alarm – it looks like a smoke alarm and can be battery operated (around €50) or mains fed (around €70). Carbon monoxide alarms are made by Clare-based company EI Electronics and are available in DIY shops and supermarkets.

Your questions

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