Transfer of house from parent to child

  • Thread starter Thread starter EileenF
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EileenF

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My parents want to transfer their house which they have run as a Bed and Breakfast for the last twenty five years. They are going to downsize to a smaller house. The B & B was their principle private residence up to now. I would welcome any advice as to how to go about this. I don't know whether I should go to an accountant or to a solicitor. I do not own a house and I don't know whether I will be liable for CAT or whether my parents would be liable for CGT as they are not willing the property. I would be grateful for any advice. I think the house might be valued at between 300- 400. It needs a fair amount of modernisation.

Many thanks,

Eileen
 
Eileen, check the revenue website, it gives good info, I think the limit is around 330k that can be transferred parent-to-child tax free, so you might be okay depending on value of house, also if you live/have lived in the house for the last 3 yrs (i think) there are further exemptions, good luck
 
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