Tom is a tax resident in Ireland and has a number of properties located throughout Ireland.

You work as a tax senior at a prominent tax practice in Dublin, tasked with preparing a comprehensive report for your client, Tom Nolan. Tom is an Irish tax resident with multiple properties situated across Ireland.

On June 3rd, 2022, Tom finalized the sale of an apartment in Dublin for €650,000. The apartment had been rented to students throughout his ownership period. Originally purchased on October 15th, 1972, for €15,000, Tom incurred legal expenses of €500 during the acquisition. The apartment`s market value on April 6th, 1974, was €20,000, and it was not considered development land. Additionally, disposal costs in June 2022 amounted to €5,500.

Subsequently, on August 6th, 2022, Tom sold his Waterford residence for €750,000. Acquired on September 1st, 1998, for €50,000, Tom primarily resided in the house, except during specific periods: i. From January 1st, 2002, to December 31st, 2005, while working abroad in Germany for employment reasons. He resumed residency on January 1st, 2006. ii. From April 1st, 2012, to March 31st, 2017, when he relocated to Dublin for work. Tom returned to reside in the house on April 1st, 2017. iii. Tom vacated the property on March 1st, 2022, to conduct renovations before selling.

Furthermore, on October 10th, 2022, Tom transferred a half-acre site in Dublin to his daughter, Maria, valued at €490,000. Maria has initiated the construction of a residential property on the site, intended as her primary residence.

Lastly, on November 20th, 2022, Tom transferred another half-acre site in Dublin to his son, Martin, valued at €510,000. Similar to Maria, Martin has commenced construction of his primary residence on the site.