goldenfolden
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With the money left over he would have a decent deposit for a house and could buy 2 apartments which could be rented out. I would then take the rental income for myself which I could use as my pension.
I am currently in my 70s and my son in his early 30s. I have a pre63 property in Dublin but it is turning into a lot of work for myself to keep looking after it. There are 9 units in the property and there is always something to do, whether it's small refurbishments when tenants leave, problems with the plumbing, disputes between tenants etc. My son tries to help when he can but he has his own career and works long hours.
Thanks for the detailed reply. Would there not be some type of penalty for selling the property for below market value?How about you selling the property to your son for €600k?
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Now, your son owes you €600k.
He sells the property and repays the loan.
I suppose that instead of repaying the loan, he could buy an investment property and use the net rent after tax to repay the loan. But I am not sure why you would complicate it like that. Why does he not repay the €600k to you and you buy an apartment in a block and give it to a management company to manage?
Isn't that covered by the €700K gift in kind in @Brendan Burgess's table?Thanks for the detailed reply. Would there not be some type of penalty for selling the property for below market value?
Would there not be some type of penalty for selling the property for below market value?
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