Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Capital Gains tax on gifted land

  • 13-03-2018 8:41pm
    #1
    Obsolete01
    Registered Users, Registered Users 2 Posts: 197 ✭✭


    Hi,

    My wife and I were gifted land from her father and we built on it. The land was valued @12,500 and each person I talk to is giving me different answers.

    Can someone please tell me how much CGT her parents are subject to please or how is it calculated.


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Obsolete01 wrote: »
    Hi,

    My wife and I were gifted land from her father and we built on it. The land was valued @12,500 and each person I talk to is giving me different answers.

    Can someone please tell me how much CGT her parents are subject to please or how is it calculated.

    That's a very low valuation for a site, but assuming they can stand over it...:

    They pay tax on the value (12.5k) minus:
    the value whenever they acquired it (indexed up to 2003, if it was acquired prior to 2003), plus stamp duty & costs of acquisition, plus costs of disposal.

    If they have no other gains in the year, the first 1270 of gain will be exempt (2540 if jointly owned).


  • #3
    Obsolete01
    Registered Users, Registered Users 2 Posts: 197 ✭✭Obsolete01


    barneystinson wrote: »
    That's a very low valuation for a site, but assuming they can stand over it...:

    They pay tax on the value (12.5k) minus:
    the value whenever they acquired it (indexed up to 2003, if it was acquired prior to 2003), plus stamp duty & costs of acquisition, plus costs of disposal.

    If they have no other gains in the year, the first 1270 of gain will be exempt (2540 if jointly owned).

    It's in the middle of no where so hence the low eval ... And is it true some is exempt as it was change from parent to child or something?


  • #4
    Ciaran
    Registered Users, Registered Users 2 Posts: 938 ✭✭✭Ciaran


    Obsolete01 wrote: »
    And is it true some is exempt as it was change from parent to child or something?

    If it meets the criteria here, there's no Capital Gains Tax to pay,


Advertisement