In the 1970s, The parents signed the house into their eldest sons name due to tax reasons.
Well, as a minimum they need more than a copy & paste from citizens info site. This isn't a specific scenario they've covered very well in their basic summary...I think you need professional advice.
Its a bit complex...
Is the plan to sell the house, and distribute the proceeds?
Does the son live in the house?
There is CGT, CAT and stamp duty considerations.
Talk to a solicitor.
If there was a Trust situation, it may be possible to vest the property back in to the names of the parents. Or not.
And I echo RedOnion's comments
mf
see Citizens Info site:
Group A also applies to parents who take an inheritance from their child but only where the parent takes full and complete ownership of the inheritance. If a parent receives an inheritance where he or she does not have full and complete ownership of the benefit, or if a parent receives a gift, then Group B applies.
If a parent inherits from their child, and have full and complete ownership of the inheritance it is exempt from tax if, in the previous five years, the child took an inheritance or gift from either parent and it was not exempt from Capital Acquisitions Tax. In this case, no tax needs to be paid even if the inheritance from the child is over the threshold.
Current CAT thresholds (from 10 October 2018)
Group A: €320,000 Applies where the beneficiary is a child (including adopted child, step-child and certain foster children) or minor child of a deceased child of the disponer. Parents also fall within this threshold where they take an inheritance of an absolute interest from a child.
Group B: €32,500 Applies where the beneficiary is a brother, sister, niece, nephew or lineal ancestor or lineal descendant of the disponer.
Group C: €16,250 Applies in all other cases.
I think you need professional advice.
@crumdub12
Is this the parents family home, rather than an investment property?
This definitely needs proper legal advice.
Its not clear what the end game is ?
do the parents want the house in their name now so they can leave it to their children in their will, or do they want to sell and distribute in their lifetime ?
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