Hi
Can anyone offer advice on tax liability that arises when selling a site that was a gift ?
The details are that my parents purchased a half acre site in 2005 for €80k and gifted the site over to me a few months later. I had difficulty getting planning approval at the time and decided to purchase a house and revisit planning a few years later. Subsequently with the house price collapse and negative equity, this didn't work out and I've had to remain in my current house. Recently, I've begun to look into potentially building now on the site but also about selling the site as well. If the site is now worth €50k, do I have any CAT or CGT liability if I sell ?
Thanks
Can anyone offer advice on tax liability that arises when selling a site that was a gift ?
The details are that my parents purchased a half acre site in 2005 for €80k and gifted the site over to me a few months later. I had difficulty getting planning approval at the time and decided to purchase a house and revisit planning a few years later. Subsequently with the house price collapse and negative equity, this didn't work out and I've had to remain in my current house. Recently, I've begun to look into potentially building now on the site but also about selling the site as well. If the site is now worth €50k, do I have any CAT or CGT liability if I sell ?
Thanks