Captial Gains Tax on second home

[Rdaly1]

Hi,

my mother has a second home that she wants rid of. However she is disgusted that she will have to pay CGT. House is valued in the region of €250k

Is there any way to avoid CGT? She is willing to sign the house over to my brother and I if this can avoid the payment?

Can the brother and I avoid inheritance tax and CGT?

Any advice is appreciated.

 

[mf1]

Hi,

my mother has a second home that she wants rid of. However she is disgusted that she will have to pay CGT. House is valued in the region of €250k

Is there any way to avoid CGT? She is willing to sign the house over to my brother and I if this can avoid the payment?

Can the brother and I avoid inheritance tax and CGT?

Any advice is appreciated.

She has an asset that has appreciated so that, on a sale, she will make a gain and she is required to pay tax on that gain. She needs to stop being disgusted and be glad she has a valuable asset!

Yes, of course, she can avoid CGT. She simply does not sell the property.

Signing the property over to you will trigger a CGT liability anyway and possibly a CAT liability for you and your brother.

She can leave it to you/your brother in her will and that will not trigger a CGT situation but possibly a CAT liability for you and your brother.

mf