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Anyone know about tax relating to signing a property over to someone?

  • 01-05-2012 10:35am
    #1
    axel rose
    Registered Users, Registered Users 2 Posts: 1,050 ✭✭✭


    The simple facts of this story is
    • Family member has lived in this house with her family for the past 30 years. (or thereabouts).
    • No rent has ever been paid or requested.
    • I have inherited the estate of the technical owner of this house.
    • I want to sign over this house to this family member. It is only 'mine' in name only.


    So far this seems simple but this is a low income family and it appears that the tax due on doing this is in the region of 30k. I know that there would be a tax payable but I always thought that in situations like this there was a way that any investment that the family made in the house since occupation could be written off against the tax due. (kitchen/bathroom upgrade etc.).


    Did my weary brain make this up? If this is the case and the cost to the family is 30k what is the next step if they can't afford it?


    Thanks in advance


Comments

  • #2
    Shane732
    Registered Users, Registered Users 2 Posts: 5,003 ✭✭✭Shane732


    axel rose wrote: »
    The simple facts of this story is
    • Family member has lived in this house with her family for the past 30 years. (or thereabouts).
    • No rent has ever been paid or requested.
    • I have inherited the estate of the technical owner of this house.
    • I want to sign over this house to this family member. It is only 'mine' in name only.


    So far this seems simple but this is a low income family and it appears that the tax due on doing this is in the region of 30k. I know that there would be a tax payable but I always thought that in situations like this there was a way that any investment that the family made in the house since occupation could be written off against the tax due. (kitchen/bathroom upgrade etc.).


    Did my weary brain make this up? If this is the case and the cost to the family is 30k what is the next step if they can't afford it?


    Thanks in advance

    Unfortunately property related threads are not allowed in this forum.

    While I do feel that this is a genuine thread I'm going to close the thread.

    The principal taxes to be considered are Capital Acquisitions Tax and Stamp Duty.

    Drop me a PM and I might be able to help you.

    Thread closed.


This discussion has been closed.
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