Selling property bought via gifts

El_Pedrino

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I bought a property with approx 60% of the purchase paid for by way of tax-free parental gifts. Does a gift tax liability arise if I now sell this house? (I am presuming not since gift tax rules do not seem to be particular to whether they are used to buy a house or anything else.)
 
The liability to Gift tax arose when you received the gift

When you sell the property you may be liable to Capital Gains Tax (CGT) on the difference between the cost of the property and the sales proceeds. Relief for CGT tax is given if the property was your home

I assume that you live in ireland
 
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