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Buachaill, Barrister
Category: Republic of Ireland Law
Satisfied Customers: 13939
Experience:  Barrister 17 years experience
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I am looking for advice re tax. My husband has been gifted

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Dear sir
I am looking for advice re tax. My husband has been gifted his family home from his father and mother tax free as the property was valued at 290k which is within his father son tax exemption. It was done through a voluntary transfer. Myself and our four kids are now living in the house. We have also put a lot of our own money into the house as it need work. We are wondering if we sell the house in the future would be liable to pay tax? And also how soon after living in the house would we be able to sell? Thank you Carmel
Customer: replied 1 month ago.
Hello I posted a question this morning could someone please advise as I paid €38 and no response so far

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Customer: replied 1 month ago.
I am willing to wait thank you
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Customer: replied 1 month ago.
I will wait thanks
Hello, and thank you for your question. I am your Expert and I will provide the answer you require.

1.  You won't be liable to pay any tax on a sale of the house if it is your principal private residence.  So, if you are living in the house on a day to day basis, there will be no CGT payable on any sale of the house, as the principal private residence exemption will apply.  Secondly, you can sell the house and take advantage of the principal private residence relief once you have been living in the house for a period of one year.  After this time, you can sell the house tax free.

Buachaill, Barrister
Satisfied Customers: 13939
Experience: Barrister 17 years experience
Buachaill and other Republic of Ireland Law Specialists are ready to help you

2.  If you require clarification  or if there is additional information you wish to share, I will be happy to assist further in the resolution of your Question.

Customer: replied 1 month ago.
Thank you very much. That is of great assistance It was worth waiting for your reply. Kindest Carmel

3.  You are welcome, Carmel.  Glad to be of assistance.