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Myself and my sibling have recently inherited a house. My sibling wants to continue to live there and that is ok with me. We are going to come to an agreement on the rent. Would it be half the market value , as I am renting out my half of the property ?

Would the usual course of action in that case be the sale of the estate or assets of it to pay the tax owed? I am thinking of cases where there are disputes or claims and that could drag on, how the Revenue view that in terms of fines and penalties ?

This is the inheritance tax you mean? What if tax is owed by the disponer or the estate (say in the case of a trust), I assume that is payable by the estate and before any inheritance is taken or taxed ?

Yeah these are the sort of scenarios that could be quite a hassle

Define "unfortunate"

My aunt passed away about 6 months ago. Probate was applied for and granted a couple months later. Unfortunantley my uncle, who is the executor, is very ill and unable to complete the admin of the estate at the moment. But since the probate was granted my cousin, who is the only other...

Had a very casual conversation with him about it a few weeks ago. His view is that as this is his family home (even though he doesnt actually own it), he cant be forced to leave, and to quote "what are they going to do, come and physically drag me out? .... that doesnt happen in Ireland"

Maybe I am catastrophising here , but what would happen if he dug his heels in about selling and was able to come up with the funds for his tax bill ?

Yed I believe they are exempt under that. That doesnt help me though ! I dont want to disclaim as there should be a decent amount left over even after tax. The executor is another uncle, but he is very ill at the moment

I am due to jointly inherit a house from my aunt along with my other cousin. There will be a sizeable inheritance tax bill due on the property however. The issue is my cousin currently resides in the property and has indicated no intention of wanting to sell or leaving the property. But we...

In regard to the free or very cheap valuations that some estate agents offer, is there any sort of a catch to those in terms of obligations to sell or anything ?

No not done me any harm I think I will probably leave it. None of my business and I am sure they are busy

Any idea how much it would cost to get a valuation done on a property for probate purposes?

By way of an update I have engaged the services of a solicitor regarding this matter. As I have had little success in moving matters any furthur dealing directly with my brother, we agreed that the first step was to send my brother a solicitors letter laying out the current facts as I see them...

Meeting arranged with solictor for this Thursday Thanks for all the input

What is the best way to find a solicitor with expertise in this area ?

Myself and my brother inherited a house equally from an uncle 3 years ago. I was away at the time working in Australia and my brother moved into the house with his family. However , title was never transfered or any tax paid. All I know is that probate was taken out by the executor (another...

Wow, CAT and CGT , what a nightmare. Selling is really the only option I have with it Can I just also ask, as my mother had a right of residence there for 20 years, does that in any way offset the taxable amount ?

A property was bequeth to me by grandmother in a will about 20 years ago. Probate was granted but nothing else was done. My my mother had a right of residence there she lived there until her death this year. The property remains in my grandmothers name. If property is transferred to my name now...

Thats interesting. I believe this will was made before the Fair Deal Scheme came about. The words used to describe the trust are "right to use". There is no time period specified and no use of the word 'Life' or the word 'interest' But I think 'right to reside' and 'right to use' are fairly...