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Transfer of property query

  • 30-11-2014 3:28am
    #1
    Deco99
    Registered Users, Registered Users 2 Posts: 1,642 ✭✭✭


    Hi. Has anyone heard of a rule whereby a property can be transferred from the owner to the dweller for free if they had been living there over ten years? From one family member to another without any tax due?


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,489 ✭✭✭✭Victor


    What is the relationship between the donor and recipient?

    You need to consider stamp duty, capital acquisitions tax (when the recipient receives the property) and capital gains tax (if the recipient disposes of the property). With capital acquisitions tax, family members have certain exemptions, especially if living at the property.

    http://www.revenue.ie/en/tax/stamp-duty/
    http://www.revenue.ie/en/tax/cat/
    http://www.revenue.ie/en/tax/cgt/

    There is the separate matter of adverse possession.

    Getting professional advice might be useful.


  • #3
    braddun
    Banned (with Prison Access) Posts: 1,221 ✭✭✭braddun


    http://www.irishstatutebook.ie/2009/en/act/pub/0027/


  • #4
    Deco99
    Registered Users, Registered Users 2 Posts: 1,642 ✭✭✭Deco99


    Victor wrote: »
    What is the relationship between the donor and recipient?

    You need to consider stamp duty, capital acquisitions tax (when the recipient receives the property) and capital gains tax (if the recipient disposes of the property). With capital acquisitions tax, family members have certain exemptions, especially if living at the property.

    http://www.revenue.ie/en/tax/stamp-duty/
    http://www.revenue.ie/en/tax/cat/
    http://www.revenue.ie/en/tax/cgt/

    There is the separate matter of adverse possession.

    Getting professional advice might be useful.

    http://www.revenue.ie/en/tax/cat/leaflets/cat10.html

    This seems to be a good starting point for the recepient.

    Does the person who owns the property likely have to pay a tax even though they gift the property?

    Will be seeking legal advice eventually, not involved personally, but just the hope its possible might provide piece of mind.


  • #5
    The_Morrigan
    Registered Users, Registered Users 2 Posts: 9,368 ✭✭✭The_Morrigan


    Deco99 wrote: »
    http://www.revenue.ie/en/tax/cat/leaflets/cat10.html

    This seems to be a good starting point for the recepient.

    Does the person who owns the property likely have to pay a tax even though they gift the property?

    Will be seeking legal advice eventually, not involved personally, but just the hope its possible might provide piece of mind.

    The only person who can give that advice will be the professional who holds all the information about both the parties involved.

    Tax and property are complicated, it's why we don't allow professional advice to be sought or given here.

    Talk to a professional who can give proper advice on the situation.


  • #6
    Deco99
    Registered Users, Registered Users 2 Posts: 1,642 ✭✭✭Deco99


    The_Morrigan wrote: »
    The only person who can give that advice will be the professional who holds all the information about both the parties involved.

    Tax and property are complicated, it's why we don't allow professional advice to be sought or given here.

    Talk to a professional who can give proper advice on the situation.

    Sorry if I broke the rules. I didnt think I was looking for advice, I was just looking for a pointer towards reading up on it myself. Not involved in the issue but was curious as to the situation. Thanks all the same. Got what I was looking for.


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