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Hi,
we are originally from Italy and resident here in Ireland since 2000.
Around 1990 my now husband's mum bought an apartment in Italy with his dad's inheritance money, and put the property in his name (against his advise, but this is irrelevant).
She also had it completely restructured at a very high cost, for all of which she never kept any proof or receipts.
When we bought our house here, we decided to transfer ownership of that apartment to myself for one half (as a gift), so we would jointly own it. This was in 2003.
Now this apartment has been sitting idle, and with prices going down here in Ireland, we are thinking of selling there to buy an investment property here, also because we don't travel back much and it is just becoming a bit of a headache to manage the situation.
The value would be around 100k.
We don't know how much it was originally bought for.
There is reference in the original deed of an amount of 20k if I remember correctly- we have reason to believe this was not the real purchase price though, and that it was understated as an agreement between buyer and seller in order to pay less property tax...
There is no CGT in Italy on properties owned for more than 10 years.
What happens if we sell and transfer the money here?
Are there ways of minimizing our potential liability?
Thank you!
we are originally from Italy and resident here in Ireland since 2000.
Around 1990 my now husband's mum bought an apartment in Italy with his dad's inheritance money, and put the property in his name (against his advise, but this is irrelevant).
She also had it completely restructured at a very high cost, for all of which she never kept any proof or receipts.
When we bought our house here, we decided to transfer ownership of that apartment to myself for one half (as a gift), so we would jointly own it. This was in 2003.
Now this apartment has been sitting idle, and with prices going down here in Ireland, we are thinking of selling there to buy an investment property here, also because we don't travel back much and it is just becoming a bit of a headache to manage the situation.
The value would be around 100k.
We don't know how much it was originally bought for.
There is reference in the original deed of an amount of 20k if I remember correctly- we have reason to believe this was not the real purchase price though, and that it was understated as an agreement between buyer and seller in order to pay less property tax...
There is no CGT in Italy on properties owned for more than 10 years.
What happens if we sell and transfer the money here?
Are there ways of minimizing our potential liability?
Thank you!