recieving a house

M

mickybob

Guest
An aunt of mine wants to sign over her house to me. Can anyone tell me where i would stand from a tax point of view? Would it come under gift tax or inheiritance tax or some other? Also what other costs would be involved?
 
i think on the revenues website there are quotas for inheretance or gift exemptions,im not sure but from an aunt its not so high .if it was from a parent its 500k i think . LUCKY YOU !
 
gift tax.

you will have this plus stamp duty to pay.

if you 'inherit' as oppost to 'gift' there is no stamp duty AFAIK.

still, do not look a gift horse in the mouth.
 
€49,682 tax free from an aunt, the balance of the value of the gift is taxable at 20%.

Stamp duty depends on the value of the house and whether you are a FTB or not. Legal costs on the transfer and registration.

If you can't raise the money to pay the tax you might consider suggesting that she leave it to you in her will to delay the inevitable hit from the taxman.
 
If you intend living in the house, then she should not gift it to you for three years. At that stage, you will be exempt from Capital Acquisitions Tax.

However, if she has to pay Capital Gains Tax now, this might not be much of a saving as you can allow the CAT against the CGT.

Brendan
 
Brendan said:
If you intend living in the house, then she should not gift it to you for three years. At that stage, you will be exempt from Capital Acquisitions Tax.

However, if she has to pay Capital Gains Tax now, this might not be much of a saving as you can allow the CAT against the CGT.

Brendan
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Is this another case where capital gains is assessed on the value of the property even though the aunt will receive no money?
 
Lightweight

The Aunt is making a disposal, so she makes a capital gain. So she pays CGT if it is not her principal private residence.

Brendan
 
Hi

Another question on the same topic - Does the no CGT apply if you were living in the house for over three years before it was gifted but you were paying a rent to the owner?

Tx
 
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