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capital aquisition tax

raymick · 2009-07-06 15:29:45

I bought a house 10 years ago with my parents my wife and 2 kids also live with us. My parents are both in their 70's and as we pay the mortgage they want to transfer the remainder of the property into mine and my wifes names. The solicitor dealing with this had told us to do this in my name only to save on tax but the…

06-07-2009 03:29PM

#1

raymick

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Join Date: July 2009

Posts: 70

I bought a house 10 years ago with my parents my wife and 2 kids also live with us. My parents are both in their 70's and as we pay the mortgage they want to transfer the remainder of the property into mine and my wifes names. The solicitor dealing with this had told us to do this in my name only to save on tax but the mortgage lender wont agree. Do we not qualify for Dwelling House exemption. We dont know what to do

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Comments

#2 14-07-2009 03:19PM

Dan Chipowski

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Posts: 1053

A gift from a parent comes under the Category A threshold for CAT purposes, and at current levels the tax free threshold is €434,000.

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