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Looking to " gift or sell" my house to my niece

  • 03-09-2018 8:32pm
    #1
    d7guy
    Registered Users, Registered Users 2 Posts: 46 ✭


    Recently retired I own my home and I would like to "gift or sell" it ( for minimum) to my niece as she will be moving in with her family .
    I am asking for any and all advice in regards to minimising my and her costs and tax and legal implications etc...
    Thanks in advance.


Comments

  • #2
    Spanish Eyes
    Registered Users, Registered Users 2 Posts: 16,059 ✭✭✭✭Spanish Eyes


    d7guy wrote: »
    Recently retired I own my home and I would like to "gift or sell" it ( for minimum) to my niece as she will be moving in with her family .
    I am asking for any and all advice in regards to minimising my and her costs and tax and legal implications etc...
    Thanks in advance.

    Your post has minimal information. Perhaps you own another property that you will live in by yourself.

    Why would you transfer your ownership to a niece and her family unless you have another property to live in yourself? I would not do it myself, I would feel very vulnerable. They could sell it and move abroad or somewhere else, where would that leave you?

    Need more info though!


  • #3
    Synode
    Closed Accounts Posts: 7,967 ✭✭✭Synode


    If you do this, you will not have to pay any Capital Gains Tax as long as the home has always been your principal private residence (PPR). If it hasn't always been, then you may have a liability - it will depend on the details.

    Your niece will likely have to pay Capital Acquisitions Tax (C.A.T.) though. A gift from an Uncle falls into C.A.T. category B, meaning they can receive gifts valued up to a total value of €32,500 over their lifetime in that category. Anything above that will be payable at 33%. So lets say your house is valued at €300,000 and your niece has never received a gift from anyone in Category B before. She will have to pay tax as follows:-

    €300,000 - €32,500 = €267,500 @ 33% = €88,275.

    As per the poster above, I'd think long and hard before gifting your PPR to anyone.


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