Can I sell a property that I received as a Gift?

katieg2601

My father gifted me a property in January 2022. The property is in my name now: deed, land registry etc. All tax due was paid at the time eg stamp duty and CGT that my father paid on the property as it wasn’t his primary residence.

I am now thinking about selling this house as it isn’t big enough for my family anymore.

Is there tax implications for me if I were to sell?

If anyone has experienced similar I would be grateful for some advice.

Mrs OBumble

Are you living in the property and have you been there since it was gifted to you?

Donald Trump

Not if you paid up any CAT at the time lived in it since

katieg2601

Yes the property is my sole residence, I have lived there since March 2018 and owned it since January 2022

katieg2601

The property value was within my exemption so no CAT was owed on transfer

Explosive_Cornflake

If you're square with all the tax when you got the property into your name, and you've been living in it as your primary residence, you can sell it tax free.

custom_build

You can sell tax free, but the sale value will be deducted from you're tax free lump sum on inheritance tax down the line. Alternatively if it exceeds the inheritance threshold, you will have that tax liability due after your father's passing.

Geuze

https://www.boards.ie/discussion/comment/121214156#Comment_121214156

Note that the OP has already confirmed that the house value was less than 335k, so no CAT was due.

wildwillow

Surely the CAT was calculated on the value at the date of transfer and not at a future sale date. If the valuation submitted was right at the time it was transferred, and if it is your private principal residence and there is no capital gains tax due. How you acquired it is now not relevant.

If you exceed the allowance at any time in the future CAT will have to be paid on the excess.