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Parent/Child Property Ownership

  • 23-07-2015 7:10pm
    #1
    Nulltown
    Registered Users, Registered Users 2 Posts: 3 ✭


    I've been to a solicitor recently regarding my mother's intention to sign the family home over to me. He made some suggestions and she ended up deciding that the best course of action was to put the house in joint names. He mentioned that since we've both lived there for more than six years, I wouldn't be liable for gift tax on the half now or inheritance tax on the other half later. I'm just wondering if this is totally true.

    I know it might be weird to doubt such an important fact, especially when I asked him to repeat it, but I've done so much reading about taxes recently that I may have confused or conflated some info. Nothing I can find now covers this specific situation so I'm unsure if I'm overly worried.


Comments

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


    http://www.revenue.ie/en/tax/cat/leaflets/cat10.html


  • #3
    Nulltown
    Registered Users, Registered Users 2 Posts: 3 ✭Nulltown


    Yeah, thanks, I've seen that, but it seems different to what he said. The six years mentioned there is the period I need to stay in the house afterwards.

    It does say that if the donor is living in the house then the exemption doesn't apply but it also says that if they are old or infirmed and need the donee living there, that cancels that out. That's definitely the case in our situation. I'm hoping I'm reading that right.

    I'm not sure how i'd prove she needed me around, unless her age (early 70s) is enough.


  • #4
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Nulltown wrote: »
    Yeah, thanks, I've seen that, but it seems different to what he said. The six years mentioned there is the period I need to stay in the house afterwards.

    It does say that if the donor is living in the house then the exemption doesn't apply but it also says that if they are old or infirmed and need the donee living there, that cancels that out. That's definitely the case in our situation. I'm hoping I'm reading that right.

    I'm not sure how i'd prove she needed me around, unless her age (early 70s) is enough.

    just speak to your solicitor if you still dont understand


  • #5
    Nulltown
    Registered Users, Registered Users 2 Posts: 3 ✭Nulltown


    Mr. Incognito wrote: »
    You really need to read the last paragraph properly.

    It says the result will not be withdrawn as a result of the recipient needing care. Not the donor requiring care.

    I appreciate your replies.

    I think (c) is more relevant to my case than (e)/though

    "Any period during which a donee occupies a house that was during that period the disponer's only or main residence will be disregarded as a period of occupation in that house unless the disponer is compelled, by reason of old age or infirmity, to depend on the services of the donee for that period. Old age refers to a person aged 65 or over."

    I took that to mean the exemption could be withdrawn if she stayed in the house, except where she needed care from me due to old age or infirmity.


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