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Site sale advice

  • 02-02-2020 2:20pm
    #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
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    You should discuss the tax implications with an accountant. Advice received online, though well meant, can often be incorrect.

    In relation to the Med Card, wouldn’t the capital value of the land have been considered during the assessment of eligibility?


  • #3
    Gjhbnmk
    Registered Users, Registered Users 2 Posts: 4 ✭Gjhbnmk


    Yes that was mentioned about the eligibility, but someone else suggested that money being transferred like this would be viewed differently. Very confused about what to do


  • #4
    the_syco
    Registered Users, Registered Users 2 Posts: 37,316 ✭✭✭✭the_syco


    Gjhbnmk wrote: »
    Hi, my father will be selling a site and gifting the money to me.
    Check with a solicitor if the solicitor handles the sale, can the money go from buyer via the solicitor to you? And if so, does it breach the amount that your father can gift to you tax free? Also, get advice from an accountant.


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