Gifting a house

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Leesider32

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Hi all,

If I was to gift a house to my Dad to the value of around €225k with a mortgage of €170k are there any tax implications for either of us?

Thanks
 
Yes

You are disposing of a property so Capital Gains Tax may be due - the mortgage has no bearing on this

You are giving a gift to your parent of € 225K - the lifetime gift allowance is € 32,000 for a gift from a child to a parent, so Capital Acquisition Tax will be due

You can offset the CAT due by the amount of the CGT, if any, that is due
 
Last edited:
jpd said:
You are giving a gift to your parent of € 225K - the lifetime gift allowance is € 32,000 for a gift from a child to a parent, so Capital Gains Tax will be due
Click to expand...
You mean Capital Acquisitions Tax?
 
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jpd said:
You can offset the CAT due by the amount of the CGT, if any, that is due
Click to expand...
Are you sure about that?
Any CGT liability will be the donor's.
Any CAT liability will be the recipient's.
Surely these are individualised tax liabilities with no crossover?
 
Have you considered retaining ownership and allowing your father to live there with a lifetime residency or something?

Is this a house you wish to buy with a mortgage or one you already own and have a mortgage on? Either way the mortgaging bank will have a say in the disposal of the asset.
 
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