Father wants to gift 5 acres

[Amand]

My father wants to gift us 5 acres. Looking at current prices, this is worth in the region of €60000. What costs will we incur? Is there a smarter way to gift us €60000, that wouldn't incur any/less costs?

 

[Gerard123]

Hi, very difficult for anyone to give a meaningful answer with the limited information you gave. Need to give a lot more details. What are you going to do with the 5 acres? Build a house, live in it, sell it? Are you going to keep the land and use it, rent it, sell it? Can/should your father sell it and give you the money? Is it adjacent to your fathers farm, any implications in the longer term, e.g. loss of some element of control or storing up potential future difficulties, etc. Hassle for you of owing the land, do you have other land? What are the CGT implications of the various course of action?

On pure stand alone basis to your question, the costs of transfer are not great, some legal and property registration fees (low hundreds I would think). If market value is as you say there shouldn't be any gift tax issues, unless you got other significant gifts in the past.

 

[Amand]

My brother is getting the farm so my sister, brother and I are being given land as a gift. My brother and sister have built on their sites but we don't live in the county and because of work and our own family it isn't practical to move. So we won't be building on it for ourselves and we won't be building to sell.
We have no other land and have received no other gifts in the past. If its not expensive to transfer and there's no tax issues then I'm happy! We'll probably either rent it or sell it. My husband does have the green cert though I'm not sure if this is relevant.