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If the gift is to you alone then this amount would presumably fall under the parent to child gift/inheritance tax exemption threshold of c. €480K. If it is jointly to you and your non married partner then the tax treatment (particularly of the partner's portion) would most likely be different.WillB said:When the house is assessed at being approx 400K in value, I understand the rev comms will see the difference of approx 200k as a 'gift' thus imposing gift tax of 20% on the difference.
ClubMan said:If the gift is to you alone then this amount would presumably fall under the parent to child gift/inheritance tax exemption threshold of c. €480K. If it is jointly to you and your non married partner then the tax treatment (particularly of the partner's portion) would most likely be different.
You can sell it for what ever price you want but stamp duty must be paid on the real value and the other portion has to be considered a gift because that is what it is.gravitygirl said:sorry about this, but im in a similar situation myself! lets say you buy the house for 200,000 how do the revenue know the house is actually worth 400,000 and that thus there is a gift of 200,000? surely someone could sell their house for whatever value they like (e.g. 200,000) whether its to a family member or not?
Don't cod yourself into thinking that Revenue don't keep a close eye on the property market as well as keeping archive data of historical market prices for different types of properties, areas etc.gravitygirl said:but my point is, how do they know the 'real' value of the property? what's to say its not actually 200,000?
househunter7 said:What does the gift/inheritance threshold of €480k refer to? if the gift is less than this, you dont pay tax is it?
Sorry, novice here, but just wondering if the difference between what I, as a son would buy a house from my dad for 200,000 and what it is worth 380,000. would i be exempt from paying gift tax? because the difference is less than €480k?
What does the gift/inheritance threshold of €480k refer to? if the gift is less than this, you dont pay tax is it?
I could be wrong on this, stamp duty on transactions between family members is calculated at half the normal rates. Can't find a linkAlso i think i would have to pay stamp duty, but is the stamp duty charged on the whole €380 or just the difference between what its worth and what i would pay for it?
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