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Buying family home

  • 05-07-2017 8:48pm
    #1
    tritriagain
    Registered Users, Registered Users 2 Posts: 1,183 ✭✭✭


    I am thinking of buying family home at reduced price but allowing parents to live with us for their remaining days. Will this reduced purchase price be acceptable to revenue as they will be living rent free or will it be looked on disapprovingly


Comments

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


    tritriagain wrote: »
    I am thinking of buying family home at reduced price but allowing parents to live with us for their remaining days. Will this reduced purchase price be acceptable to revenue as they will be living rent free or will it be looked on disapprovingly

    A tax leaflet

    Part 7 – Break-up Of Settlements And Trusts And Payment For Future Interests - Section 33 of the CATCA 2003

    May be of use to you.


  • #3
    tritriagain
    Registered Users, Registered Users 2 Posts: 1,183 ✭✭✭tritriagain


    Had a look at that. Not too clear on my situation though. Suppose a trip to solicitor would be next step.


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


    tritriagain wrote: »
    Had a look at that. Not too clear on my situation though. Suppose a trip to solicitor would be next step.

    Basically if property is worth 500k and you buy for 200k but theres a formula for the value of a life interest so if you buy for 200k and the formula says the life interest is worth 300k there is no gift.

    If you buy for 200k and the formula says the life interest is worth 100k then you are getting a gift of 200k and cat may arise based on your circumstances.

    You are right in saying that professional advice is your best step.


  • #5
    JamesM
    Registered Users, Registered Users 2 Posts: 1,775 ✭✭✭JamesM


    Maybe your parents should take a trip to a solicitor as well. What if they need long term nursing home care. Not enough funds. No "Fair Deal" etc.
    Maybe a better deal could be worked out. Will the house eventually be yours ? Do you have siblings who will share costs if care is needed for your parents ?
    A solicitor can put all kinds of options to you.
    Jim.


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