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Transfer of property- tax due?

  • 01-03-2020 6:38pm
    #1
    Munstermissy
    Registered Users, Registered Users 2 Posts: 251 ✭✭


    Hello, my elderly uncle is looking at transferring his home to me. No mortgage on property. He is 2 years into fair deal. Will there be any taxes due on his side? I know I will be liable for gift tax, etc and fair deal loan. He doesn’t want to rent it out.

    Appreciate any advice.


Comments

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


    I don’t know how fair deal affects it. Will fair deal allow transfer to you? Do they not have some kind of lien on the property in order to pay for nursing home.

    Back to tax, assuming it’s been his principle private residence for as long as he has owned it he would have not CGT liability on transferring it to you. If not his PPR That would be 33% on gain which is difference in value now compared to when he bought it.


  • #3
    Munstermissy
    Registered Users, Registered Users 2 Posts: 251 ✭✭Munstermissy


    Thanks baby, fair deal have accessed the property and there is a charge for 3 years. I will obviously pay this charge, he is 2 years in the nursing home.

    Good to know no capital gains for him.


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