I don't really understand the current situation. Are you saying your daughter and possibly her partner is living with you currently in the family home? And you want to sell this to her or give her a loan to buy somewhere else using your house as guarantor?The market at the moment is about 250000..How would i give her an interest free loan.Principal house is valued at about 350000 at the moment. my wory if they wanted to extend the house they are living in which i think would be nice, where would that leave me ?
my wory if they wanted to extend the house
But was advised get it out of my name before I need a fair deal.
Gift tax is irrelevant if you're selling it to her (with you giving her a mortgage?).Hi just a follow up on this. I spoke to accountant. He informed if there is any change of name on the deeds it is considered a gift and capital gains will have to be paid. Usually the receiver of the gift pays it .If I personally sell it I pay capital gains anyway.
But this thread is confusing - e.g.You sell the house to your daughter and her partner(?) for €250k.
She gives you €20,000 cash.
Your solicitor draws up a mortgage for €230k
Thank you Brendan I get it i think no money is exchanged only the 20000 is that correct
Bear in mind that if this is within 5 years of the property sale/offload then it's still counted for the Fair Deal financial assessment. (Edit: my post crossed with @Sue Ellen's making the same point).But was advised get it out of my name before I need a fair deal.
He informed if there is any change of name on the deeds it is considered a gift and capital gains will have to be paid. Usually the receiver of the gift pays it .If I personally sell it I pay capital gains anyway.
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