House Site for Sale: Capital Gains; better to transfer to daughter first?

J

Jimbar

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I have a House Site which I intend selling, so my daughter can use the money towards purchase of her first own house in another part of the country.

Would it be better to sign the sign over the site to her first, and let her sell it in her own name?

The Site has been in my name since 1992. Would it reduce the Capital Gains Tax?

Jimbar
 
Either way, its a gift to her. See an accountant for professional advice. it is money well spent. You hops to get many thousands for the site, the advice should be under €500
 
I'm no tax expert but I imagine it's better to sell the site youself if your daughter plans on doing the same. In both cases you'll have to pay Capital gains based on the market value, and it will be deemed a gift to her. By transferring the site you'll end up with additional costs like legal fees and stamp duty.
 
Some additional info, but not relevent if your daughter palns to sell the site on......

Site transfers from parent to child
Stamp Duty and Capital Gains Tax do not apply where a parent transfers a site to a child. The site must be for the construction of the child's principal private residence and the market value of the site must not greater than 253,947.62 euro. A parent can only transfer one site to each child to take advantage of this exemption. If the child then sells the site without the principal private residence being built and lived in for 3 years, there will be a clawback of the capital gains tax relief permitted. There will be no clawback if the child dies.
 
Ravima said:
Either way, its a gift to her. See an accountant for professional advice. it is money well spent. You hops to get many thousands for the site, the advice should be under €500
Click to expand...
€200 is an hour with a professional accountant and should suffice.
 
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