Hi guys,
A very similar question. (Mods, feel free to move to a new thread/forum if appropriate)
My aunt inherited a house from my grandfather during the boom, and valued then at 400k. (below threshold, so paid no CAT) At best it's 'worth' €300k now I think, so let's take that for arguments sake. She's thinking about gifting it to me. (It's not her PPR, but it would become mine, I'm currently renting elsewhere)
I understand that I'll have to pay 25% of (300,000-41,481) so, about €65,000 to revenue under CAT tax, and as I'm a first time buyer, will be exempt from Stamp Duty. This is obviously a great deal for me. (Will still have to plough another €60k into the house to do it up)
However, my aunt's asset has depreciated by 100k. Does this fact come into the equation at all?
Another question - I have a very decent lump sum saved, but will still need to borrow about €70k to pay off revenue and refurbish the house. Would this be eligible for a mortgage, (thus it's tax benefits) rather than a personal loan? (I'm public Sector, 55k salary, and 70k savings, so a pretty safe bet for a bank I would think)
Thanks