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C G T on gifted property

  • 29-09-2014 10:44pm
    #1
    big dar
    Registered Users, Registered Users 2 Posts: 202 ✭✭


    My father wants to gift his family home to me after a two year probate on the property.
    For probate the house was valued at 120,000 as it was in a very poor state.

    Two years later for the transfer of ownership the house had to be valued again and now has been valued at 200,000

    As it is still under the 225,000 threshold for parent to child gift I thought no c.g.t to be paid

    Have now been told that my father is liable to pay c.g.t on the increase in value over the course of the probate from 120,000 to 200,000 i.e 80,000 at 33% which is 26,400. Is this correct ?

    This would be a killer blow considering the work needed on the property

    This would be my first home

    Any advice or opinions on this would be welcome


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    You and your father need professional advice.


  • #3
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Read the charter

    Thread closed


This discussion has been closed.
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