Do I owe CG tax? Getting mixed advice.

R

RCMH1301

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My Parents gifted me a small site with a derelict stables in 2006 (valued at €10,000). My intention was to convert it as my home.
This didn't pan out so I sold it in March this year for €23,435. I assumed I would owe CGT but some people have advised me that as it was gifted from my Parents, that I don't. Who is correct please?
 
If you did not declare it you home and lived in it.
I believe you do as the asset you equired in 2006 sold at higher value. So you need to declare it to revenue.

You aquired a gift of asset @10,000 using some of your life time gift limit.

You call offset any costs in getting and selling the asset. Like legal,auction and stamp duty fees. You can also off set of costs of major enchantments that add value.(but this does not sound to be applicable)

23435 - (10000 + fees) = you capital gain.

This gain is taxed at 33 percent. Due by the dates below.
Don't think farming/family business exemptions would apply in this case.

When do you have to pay CGT? For disposals made between 1 January and 30 November (the initial period) you must pay CGT by 15 December of the same year. For disposals made between 1 December and 31 December (the later period) you must pay CGT by 31 January of the next year.
 

So I was correct, 4K owed. Thank you
 
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