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Hi,
Can anyone tell me if a parent gifts one of their properties to their child is there CGT or CAT liabilities.
Scenraio:
Property was bought/developed 10 years ago for about €50k.
Today it is worth €150k.
It is a rental property with a monthly income of €500.
The parent gives it to their child as a gift in 2005.
What are the tax liabilities?
1) The child pays Stamp Duty at 3%???
2) Is there CGT/CAT liability???
Tia,
Can anyone tell me if a parent gifts one of their properties to their child is there CGT or CAT liabilities.
Scenraio:
Property was bought/developed 10 years ago for about €50k.
Today it is worth €150k.
It is a rental property with a monthly income of €500.
The parent gives it to their child as a gift in 2005.
What are the tax liabilities?
1) The child pays Stamp Duty at 3%???
2) Is there CGT/CAT liability???
Tia,