For the parents?Can't see an issue tax wise
The gain since the value when they inherited it is subject to Capital Gains Tax.but are there tax implications for the parents?
As I said they originally inherited it in 2006, and I think they had a valuation done for inheritance purposes of €85k at the time. They want to pass it on before it becomes an unusable derelict building.
Thank you.For the parents?
The gain since the value when they inherited it is subject to Capital Gains Tax.
It's a self-assessment system but you may be asked to provide proof by Revenue of the valuation.Does anyone know can that be done by a local estate agent or does Revenue prepare their own estimates?
OK thank you great.It's a self-assessment system but you may be asked to provide proof by Revenue of the valuation.
You'll normally need a new valuation for stamp duty.OK thank you great.
Quite grateful now of the 2019 valuation, as a kind of historical back up to a new "up to date" valuation if there are any questions.
Sorry, not clear if the adult child receiving the gift is the child, or the grandchild, of the parents who own the propertyYes the child wants the house and views it as having good long-term investment potential.
This child has already invested in some renovation works to try to protect it from further deterioration. They put a new roof on, insulation and some new floors. All done 10 years ago. But it still needs a lot of structural work.
Essentially it's mid-renovation with much more needed but the child is obviously hesitant to sink any further money into a property, one they don't own, until title is resolved.
Planning isn't an issue with the property thankfully as nothing new needs to be built on.
No grandchildren involved.Sorry, not clear if the adult child receiving the gift is the child, or the grandchild, of the parents who own the property
That change is in relation to interest free loans in the Finance Bill.Rings a bell with me that revenue are updating the tax situation with regards to gifts. Read something lately about it, but cannot find the article now.
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