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House as a gift

  • 23-01-2015 3:57pm
    #1
    [Deleted User]
    Posts: 0 ✭


    I have been considering giving a house to my daughter that she has been living in with her husband for 3 years and been researching the tax implications.

    According to revenue http://www.revenue.ie/en/tax/cat/leaflets/cat10.html if she meets certain conditions this can be exempt from CAT. She meets them

    Also I read this http://www.revenue.ie/en/tax/cat/thresholds.html and it say there is a tax free threshold of 225,000. The property is worth less than this.

    So is there any other taxes I should be looking into. (CGT or stamp duty?) Obviously if I were to go ahead I would get professionals involved, solicitor, tax advisor etc. but for now just trying to figure out roughly how much it would cost me. Also if anyone knew ball park figures for solicitors fees for transfer of property that would be great


Comments

  • #2
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    If she meets the conditions of the dwelling house exemption then it won't affect or reduce her tax free threshold for any future gifts or inheritances.

    If there has been an increase in the market value of the property since purchase, you will be liable to CGT on the increase. There will also be stamp duty of 1% on the market value.

    That's putting it simple just to give you an idea. Alot more factors can come into play depending on circumstances so best seek professional advice.


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