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Gift Tax - Property Transfer

  • 08-10-2012 1:06pm
    #1
    ocship
    Registered Users, Registered Users 2 Posts: 1 ✭


    My mum inherited her sister's house twelve-months ago. The CAT was paid and the deeds have now transferred.

    Her intention now is to "gift" this property to me. The value of the property will not exceed the €250,000 CAT threshold. This is the first gift I have received from my parents.

    I already have my own house which is my main residence and I have lived there since I bought it in 2003.

    I don't know yet what my future plans are, my ideal would be to sell my own house and then live (main residence) in the "gifted" property.

    As I understand, there is no CAT liability on the property given that the gift is parent to child and will be less than the €250,000. Correct ?

    I'm just thinking of different angles and wondering if there were any reasons why my mum should delay the transfer until such time as I sell my own house.

    Thanks in anticipation


Comments

  • #2
    Shane732
    Registered Users, Registered Users 2 Posts: 4,998 ✭✭✭Shane732


    ocship wrote: »
    My mum inherited her sister's house twelve-months ago. The CAT was paid and the deeds have now transferred.

    Her intention now is to "gift" this property to me. The value of the property will not exceed the €250,000 CAT threshold. This is the first gift I have received from my parents.

    I already have my own house which is my main residence and I have lived there since I bought it in 2003.

    I don't know yet what my future plans are, my ideal would be to sell my own house and then live (main residence) in the "gifted" property.

    As I understand, there is no CAT liability on the property given that the gift is parent to child and will be less than the €250,000. Correct ?

    I'm just thinking of different angles and wondering if there were any reasons why my mum should delay the transfer until such time as I sell my own house.

    Thanks in anticipation

    Read the charter - no property threads.


This discussion has been closed.
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