Brother inheriting family home....Tax implications?

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bitethebullet

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Hi Folks,
I've a brother in his fifties who has lived with the parents all his life. They have no will made yet. The rest of us siblings have houses already and want our brother to inherit the house solely. Will there be any tax implications for my brother when the my parents do pass?
 
How much is the house worth? There will be implications if no will is made.

Capital Acquisitions Tax

If you receive a gift, you may have to pay gift tax on it. If you receive an inheritance following a death, it may be liable to inheritance tax. Both these taxes are types of Capital Acquisitions Tax.
www.citizensinformation.ie www.citizensinformation.ie
 
bitethebullet said:
Hi Folks,
I've a brother in his fifties who has lived with the parents all his life. They have no will made yet. The rest of us siblings have houses already and want our brother to inherit the house solely. Will there be any tax implications for my brother when the my parents do pass?
Click to expand...
As far as I can remember there is an exemption on CAT when it comes to family house where person inheriting has lived there and has no interest in any property. Have a look at revenue website.
 
The exemption mentioned above that is worth looking at can be found at:
[broken link removed]
 
There is no CAT if the brother lives at home and stays in the house after they pass away .

Your parents should make a will. Otherwise other siblings would have to gift their shares back to the brother which could create a tax liability for him.

He may have to demonstrate residency with paperwork at some point. A utility bill in his name already would be no harm.
 
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