Tax on sales of a gifted house.

Hi. If my son gifts me a house and I sell it later, should I have to pay taxes when selling this property?

Kirill Ravchenko
Kirill Ravchenko
2 June 2021 10:37
Hello. No you won't have to pay.
1 July 2021 21:08
Is it safe (financially) to buy property in Famagusta
Kirill Ravchenko
Kirill Ravchenko
2 July 2021 10:57
writes:
Is it safe (financially) to buy property in Famagusta
it all depends on the seller
Evis Hadjipetrou
Evis Hadjipetrou
10 September 2021 11:39
There is no tax to give or receive a house between siblings. When you decide to sell it later, you will have to pay tax. The calculate it by how much you bought it, then apply an inflationary index. Then take this figure and subtracting  it from the sale price. Whatever this profit you must pay 20% and it will be payable before you are allowed ro transfer it to the new owner. So unless you have money on the side, get a non-refundable deposit from the new buyer and use it to pay the capital gains, and transfer it when you receive the balance of what is owed to you, 
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