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Values down: time to transfer your house?

JACK FAGAN The Irish Times
Hand it over: giving your properties to your children now might make financial sense

Hand it over: giving your properties to your children now might make financial sense


With property values low, now could be the right time to pass on properties to the next generation, writes JACK FAGAN



WITH REAL estate values at their lowest for many years, now is probably a good time to look at the option of transferring properties on to the next generation. As always, liquidity is central to this exercise so it is necessary to review the tax implications and decide whether this is an opportune time to hand over scarce cash to Revenue.

Either way, property inheritance is set to become an important plank in the taxation system in the years ahead because of the phenomenal growth in the number of second homes and buy-to-let properties.

Most of this buying spree happened in the past 15 years and though there are no official figures available, conservative estimates put the number of second properties at well over 300,000.

And that does not take into account the huge number of overseas holiday homes bought in the boom years. As everyone knows, the Irish are big players in the Spanish market. They also own a surprising number of properties throughout France and Portugal as well as on the other side of the Atlantic, particularly Florida.


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