Gifting my home to adult child.

M

membean

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I want to sell my home to my married daughter for E145,000. I bought it 3 years ago for E290,000 and I estimate it's current market value ito be E350,000. It is mortgage free. I have lived with her and her husband for the 3 years and now want to live with my elderly mother to care for her. I have not gifted my daughter anything beforenow. I am fully aware of the possible ramifications and still want to proceed. I absolutely do not want to employ the services of a solicitor to transfer the title deeds. My question :
1. What tax, if any, will she and/or I be liable for ?
2. Is there a legal form we can both sign to complete the transfer?
 
IANAL - I think what you might be looking for is a Deed of Assignment.

However if I were your daughter, I would absolutely be looking for a solicitor to complete the transfer.

In years to come, they may want to sell or mortgage the property, any mistakes made now could cause huge headaches in the future.
 
membean said:
I absolutely do not want to employ the services of a solicitor to transfer the title deeds.
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This makes no sense at all.

You must convey the property to your daughter and requires a complex legal procedure. It is not a job for amateurs.

Assuming the title is clean, it should not be that expensive.

Brendan
 
No CGT for you because it was your home...stamp duty for her based on 1% of the market value (i.e. €3,500)...potentially CAT for her, but on the basis that she has her €310k threshold still intact, no tax would be payable. It's trivial, but the first €3k of the value would be disregarded, so "only" €202k of her threshold would be used up.
 
CAT surely must be payable on the market value too ?
Is it worth trying to get away with selling it like 10% below market ?
I'm afraid if you go ahead and sell it for 145k, the revenue will do their own valuation and might end up inflating the price a bit more for CAT purposes .
 
ant dee said:
CAT surely must be payable on the market value too ?
Is it worth trying to get away with selling it like 10% below market ?
I'm afraid if you go ahead and sell it for 145k, the revenue will do their own valuation and might end up inflating the price a bit more for CAT purposes .
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You'd only pay CAT on the difference between the amount paid (€145k) and market value (possibly €350k) less the Small Gift Exemption (€3k).
 
Referring to GG's first reply: her gift threshold is intact so on that basis she would not pay CAT?
 
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