Howdy folks..
I need a bit of advice for my parents. They have a second home (all above board re taxes etc). Both myself and my brother have our own house and I have suggested to my parents that should give this house to my sister as she isnt in a position to buy one herself and prob wont be for a while. They are concerned that my sister will have to pay some sort of tax on this. I have checked out revenue.ie and it seems that she wont have to pay any gift tax or other if this were to happen.
My question is this: will my sister have to pay any sort of tax (Gift, CAT or other) on the transfer of the property? I'm specifically asking as this is a second home and not the sole residence of my parents. I'm not sure if this is even relevant. The value of the house is only about €150k so well under the normal threshold for gifting from parent to child.
Thanks in advance.
Glen25
I need a bit of advice for my parents. They have a second home (all above board re taxes etc). Both myself and my brother have our own house and I have suggested to my parents that should give this house to my sister as she isnt in a position to buy one herself and prob wont be for a while. They are concerned that my sister will have to pay some sort of tax on this. I have checked out revenue.ie and it seems that she wont have to pay any gift tax or other if this were to happen.
My question is this: will my sister have to pay any sort of tax (Gift, CAT or other) on the transfer of the property? I'm specifically asking as this is a second home and not the sole residence of my parents. I'm not sure if this is even relevant. The value of the house is only about €150k so well under the normal threshold for gifting from parent to child.
Thanks in advance.
Glen25