Hi All,
Pretty specific question and hopefully this is the best spot for the question.
Scenario: Sole surviving parent wishes to transfer the proceeds of sale of PPR to children with the understanding that children would purchase property for parent to live in. Children: One has own PPR, another is renting and has never bought (ie would be 1st time buyer) and another is non-resident (but would be 1st time buyer as well if they ever return to Ireland).
What is the best way to transfer the proceeds equally to 3 children and still preserve or take advantage of the 1st time buyer status of younger children ? If one child has PPR would the property purchase be seen as an investment property and be stamped accordingly ?
If no one on AAM can help would a solicitor, accountant or tax advisor be the best one to ask?
Thanks in advance
Pretty specific question and hopefully this is the best spot for the question.
Scenario: Sole surviving parent wishes to transfer the proceeds of sale of PPR to children with the understanding that children would purchase property for parent to live in. Children: One has own PPR, another is renting and has never bought (ie would be 1st time buyer) and another is non-resident (but would be 1st time buyer as well if they ever return to Ireland).
What is the best way to transfer the proceeds equally to 3 children and still preserve or take advantage of the 1st time buyer status of younger children ? If one child has PPR would the property purchase be seen as an investment property and be stamped accordingly ?
If no one on AAM can help would a solicitor, accountant or tax advisor be the best one to ask?
Thanks in advance