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Buying house from parents

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  • 31-01-2019 7:11pm
    #1
    himalayan_joe
    Registered Users Posts: 8 ✭


    Hi all,

    Need your help.

    Myself and my fiance are planning on buying my parents house from them. They had it for sale a couple of months ago and did not reach a sale.

    We will be getting the house for circa 75k less than what the house was advertised for previously (In my opinion it was overpriced!) and the price we are offering in more in line with the other property prices in the area.

    My fiance and I have no idea where to start on the tax implications etc. on purchasing a house from a family member along with the steps we would need to take to get the house over the line. Would really appreciate any help.

    Joe
    Tagged:


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    #2
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭Baby01032012


    Sounds like you are buying it at market value so no deemed gift which would be difference between full market value and actual agreed price. However I would get a letter from estate agent to confirm the sale is at market value.
    Even if say there is a deemed gift of 75k I’d imagine for capital acquisition tax you would fall within the parent to child threshold of 320.000 unless you have received previous gifts from a parent that would push you over the limit.

    Your parents should not have any capital gains tax assuming it was their principle private residence for all of the time they owned it.

    So no tax implications I’d assume.


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