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A property is valued at €200,000 in July 2018. It is owned by a Father who has rented it out for a number of years. The property is in need of refurbishment in order for the tenancy to remain in place i.e. external insulation, installation of fire escape etc. The refurbishment costs €75,000 and is paid for by the owner's daughter. If the property is sold now to the daughter for €275,000, can the €75,000 that she paid for refurbishment be treated as a part consideration/deposit or would it be deemed a gift from the daughter to the father at the time it was paid?

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Asked on 26 March 2020 5:23 pm