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Site sale = lose medical card?

  • 02-02-2020 2:17pm
    #1
    Gjhbnmk
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi, my father will be selling a site and gifting the money to me. Alternatively, if he gifts the site to me and I sell it, then that would mean additional taxes being imposed (property gains tax, stamp duty).

    The concern is that he might lose his medical card if he passes money on to me like this.

    Does anyone have any advice on the best route to take so that he will not lose his medical card?
    Thanks


Comments

  • #2
    splinter65
    Registered Users, Registered Users 2 Posts: 9,420 ✭✭✭splinter65


    Gjhbnmk wrote: »
    Hi, my father will be selling a site and gifting the money to me. Alternatively, if he gifts the site to me and I sell it, then that would mean additional taxes being imposed (property gains tax, stamp duty).

    The concern is that he might lose his medical card if he passes money on to me like this.

    Does anyone have any advice on the best route to take so that he will not lose his medical card?
    Thanks

    The best advice is to wait until medical card send him a renewal form and to fill that out and send it back.


  • #3
    dartboardio
    Registered Users, Registered Users 2 Posts: 2,436 ✭✭✭dartboardio


    Well one thing is for certain, no, the card won't be automatically taken off him.

    A sale from a house will be classed as savings if it exceeds €76,000 for a married couple, or €36,000 for a single person.

    That amount above is taken away from the entire amount.
    The remainder is multiplied by 0.486% and divided by 52, and added on to your father's weekly income when they do a means tested assessment..

    If he is giving this money to you and has proof of it then, no, it won't be classed as his saving or his money.

    Signed letter from you and proof of the sale. It won't affect his card at all if you have been gifted the money.


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