Patrick2008
Registered User
- Messages
- 110
My parents are retired farmers and they now need to raise some cash as my Father has to go into long term nursing care. It was always the intention of my parents to leave me the farm in their will but obviously circumstances have changed. They have applied for the fair deal scheme but they have relucantly asked me if I would be interested in purchasing 60 acres from them at whatever I can afford. In the open market the 60 acres is worth about €420,000 but my parents are willing to sell it to me for €200,000. Obviously I need to discuss this with a solicitor and accountant in terms of stamp duty, gifts etc but can anyone give me advice here in the most tax efficient way of me getting the 60 acres and my parents getting cash from me for the land? Might I add that I would never expect anything for free from my parents and I have told them to put it up for sale on the open market but they do not want to do this.