Selling property

[scribhneoir]

Have recently been offered a substantial amount of money for property I own. As a pensioner, with three adult children, what is my best option re. selling this property so that I can best avoid paying too much capital gains tax and so that my children can best benefit. Is it better to transfer the property to them as a gift so they can sell it or should I sell it and gift the money to them. What are my options?

 

[mf1]

Well its sort of like - how long is a piece of string?

To really try and guage (a) if you should do it at all and (b) if you want to do it, what is the best way of doing it, a whole series of questions spring to mind -

1. is this an investment property or your own home?
2. How much money?
3. Do you need the money?
4. is there a steady income?
5. Do your children need the money now? or would it be better in your pocket to make your life comfortable?
6. have they received any substantial gifts in the past - Capital Acquisitions Tax?
7. Could they buy the property from you at a reduced price?

If you liked to post a bit more information it would be a lot easier to post a meaningful reply.

mf