€240 per week enough to survive?

[scarneal]

@dichthuata2zhanoi5 They should be aware that they might have to pay tax on it in that case, although it's not something I have knowledge of.

 

[dichthuata2zhanoi5]

@scarneal Capital Acquisitions Tax is what would replace it I think, anything considered profit would fall under Capital gains tax.

 

[catholic_with_a_mic]

@dichthuata2zhanoi5 My limited understanding of tax is as follows: if your parents are currently living in this house and it is their principle, private residence, then no capital gains tax liability on transfer to you. If it's value is greater then the parent to child allowance, then you will be liable to pay 33% tax on the portion above the exempted allowance, this amount is approx. 320,000. Any further gifts you receive from them will be subject to 33% if you have exceeded the limit on the house transfer, but you can receive a gift of 3000 from each parent every year which is exempted from the above calculation. With regard to surviving on the weekly sum mentioned, I am unsure about that if maintenance needs to be paid. I think tax/legal advice might be needed here.

 

[dichthuata2zhanoi5]

@catholic_with_a_mic Thanks for the thorough response.

 

[alora]

@dichthuata2zhanoi5 That does seem incredibly tight, even if you don't have to pay any rent costs.

As you said, there are a lot of bills associated with running a house on your own that would eat that up pretty quickly.

I'm confused as to where this property bought outright is coming from? Is someone just gonna buy you a house?

Is it multiple bedrooms? Perhaps you can rent out a spare room to help cover costs?

If day to day costs do become a worry, you can also have a check of the beermoneyglobal sub, for lots of ways to make a little extra spending cash!

 

[dichthuata2zhanoi5]

@alora It was short sighted of me not to mention why that might be an option. I updated the main post essentially to say that my parents may buy me a house.

I'm mostly curious as to what options are open to me.

 

[thex]

@dichthuata2zhanoi5 If you’re potentially inheriting from a parent there’s a maximum amount before inheritance tax (cgt) kicks in - 330k I think.
If the potential inheritance is from a more distant relative (eg. uncle, cousin etc.) that threshold is much lower (16k?) so inheritance tax will almost certainly be due. Unless you have the funds to pay it (which seems unlikely given the rest of your post) you may be forced to sell the property just to pay the cgt due, and take the remainder as your inheritance.

 

[sunnyday67]

@dichthuata2zhanoi5 There's plenty families out there working full-time who are left with that amount after paying for rent/mortgage and childcare costs. It's tight but things are tight for a lot of hardworking people.

 

[archangelg3]

@dichthuata2zhanoi5 €240/week is fuck all and very hard to live on if you need to pay rent and buy food from that.

If €240/is your disposable income after bills, then you’re laughing

 

[dichthuata2zhanoi5]

@archangelg3 I'm wondering if it'd cover groceries, utilities and potentially a car essentially.

 

[archangelg3]

@dichthuata2zhanoi5 You could probably just get by, but I don’t see you having any cash left over for play which might leave you miserable.
Maybe sit down and make a really legit budget of things that need and want and see can you make it work

 

[dichthuata2zhanoi5]

@archangelg3 I'll try to figure this out, thanks.

 

[silvereyes]

@dichthuata2zhanoi5 Pretty sure you’d be better off on social welfare and working the maximum hours allowed

 

[dichthuata2zhanoi5]

@silvereyes I'm currently a casual worker, I can do an extra day in the current job which would roughly add roughly €60 per week.

I'm curious as to how far that €300 per week would go if I owned a property and also had to finance a car.

 

[csanc]

@dichthuata2zhanoi5 I work fulltime and we are saving for a house. I get 200 a week with no rent. Very doable.

For 6 months I was on 100 a week. Tight but doable.200 a week is luxury

 

[dichthuata2zhanoi5]

@csanc 200 left over after all your expenses you mean?

 

[scarneal]

@dichthuata2zhanoi5 You come across as less than entirely worldly OP.

 

[dichthuata2zhanoi5]

@scarneal I'll be honest, I'm not as organized as I should be for a person my age.

I have some failings for sure but all I can do is try and improve where I can I suppose.

 

[csanc]

@dichthuata2zhanoi5 No 200 a week for all of my expenses groceries going out. Everything. 200 a week. Less rent.

 

[matt444412]

@dichthuata2zhanoi5 Very difficult i gave up part time