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Buying a house from my Mother

  • 05-10-2014 12:22pm
    #1
    daveoconner84
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hey boards.ie, I saw some great advice regarding this kind of stuff somewhere so I joined to ask.

    I'm wondering is is possible to buy my Mother's house at about 1/3rd the estimated market price.

    Because the value of the house is under €255,000, or whatever the CAT threshold is, does this mean I am exempt from paying any CAT?

    How does property tax and stamp duty work if I pay less than market value, or do I have to pay PT and SD on the estimated market value irrespective of what I am paying?

    I can provide more information I'm just unsure what else might be relevant. Thanks in advance for the help
    Tagged:


Comments

  • #2
    Addle
    Registered Users, Registered Users 2 Posts: 4,812 ✭✭✭Addle


    I think revenue liabilities are calculated on values rather than costs.


  • #3
    goz83
    Registered Users, Registered Users 2 Posts: 8,035 ✭✭✭goz83


    I was in this boat a few years ago. House potential value was 440k and bought for 380k, but the assessor valued the house as I requested (380k) to get under the stamp duty margin at the time. Property tax will also be based on estimated value.


  • #4
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Revenue calculates transactions on a cost basis unless it occurs between connected parties in which case liabilities are calculated on a value basis


  • #5
    Pat Mustard
    Registered Users, Registered Users 2 Posts: 9,554 ✭✭✭Pat Mustard


    daveoconner84 wrote: »
    Because the value of the house is under €255,000, or whatever the CAT threshold is, does this mean I am exempt from paying any CAT?

    How does property tax and stamp duty work if I pay less than market value, or do I have to pay PT and SD on the estimated market value irrespective of what I am paying?

    This is a request for legal/taxation advice.

    Answering these questions incorrectly could cost a lot of money.

    OP, please read the forum charter before posting again.

    Thread closed.


This discussion has been closed.
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