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Buying family home advice

  • 21-09-2020 9:32pm
    #1
    Danniilong
    Registered Users Posts: 51 ✭✭


    Hi,
    My husband and I want to buy his family home. His father will build a granny flat from the proceeds. In order to proceed, we need to find out the tax implications associated for both parties and to put his mind at ease. Can someone advise who would be best to answer our questions? Not sure if it is a solicitor, an accountant or financial advisor.
    Thanks.


Comments

  • #2
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,561 ✭✭✭✭Calahonda52


    .
    If he is on a means tested state pension, then any surplus cash he has left may dilute that payment, look it up on sw or citizens advice websites, look at rules re assets other than FH..

    “I can’t pay my staff or mortgage with instagram likes”.



  • #3
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,676 ✭✭✭✭Peregrinus


    Your father-in-law building a granny flat on what is now property belonging to you and your husband is making a gift to you (by enhancing the value of your property). This is in principle liable to CAT.

    Presumably there's an agreement in turn that your father-in-law will have the right to occupy the granny flat for his life. That will reduce the value of the gift he is making, but it will still be a valuable gift.

    So, you need tax advice. Either a solicitor or an accountant should be able to give this, but you'll need a solicitor anyway to deal with the sale and purchase of the property, so pick one who is happy to address the tax aspects of the construction of the granny flat as well.


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