What happens if I transfer 2 acres to my father?

Taking another acre at a later stage will then be a transfer of agricultural land from your father to you and will have tax implications. It looks like your tax adviser has crunched the numbers and transferring the 2 acres in two stages minimises the amount of money you both will have to hand over to Revenue.

Can a 1 acre site be tax free?

The 1 acre you would get should be tax free (CAT, CGT & Stamp Duty) but there could be CAT, CGT and Stamp Duty on the transfer to your daughter. Do you think that the CAT, CGT and stamp duty would apply even if my father gifted the remainder directly to my daughter rather than me. Does that fact that she is under 18 have any implications.

Is it legal to deed property to one child?

Answer: An unrecorded deed can be legal, both Hamby and Konopka said. However, there is an important condition. Let’s say a mother deeds her property to one child and that child never records it.

Can a mother change her mind and deed the property to another child?

If the mother later changes her mind and deeds the property to another child or to someone else (who had no knowledge of the first deed) and that person records the deed, the second deed holder would most likely be the owner of the property, Konopka said.

How much money did my paternal grandfather have?

My paternal Grandfather survived my Grandmother. They were farmers most of their lives. When he died (at age 95) he ended up with 200 acres of prime farmland, a house with some modest furnishing and a very small bank account. He was survived by multiple nieces and nephews, a son, four grandchildren and multiple great-grandchildren.

What happens if my parents give me land?

You may find it quite difficult to have that lien removed from the title to the land your parents plan to give you. If your parents have one mortgage on all of their land, you would need to have their lender agree to release their lien on that part of the property they intend to convey to you.

Can a parent have one mortgage on all of their land?

If your parents have one mortgage on all of their land, you would need to have their lender agree to release their lien on that part of the property they intend to convey to you.

What happens when parents have children of their own?

But those children grow up to have children of their own who fill their parents’ closest circle, and the oldest generation gets bumped to the outer edges. If this happens, the older generation loses a primary relationship, so you might say that the parent’s loss is greater.