Thanks Gordon
On eur310 threshold, if the house were valued at a million and we still went ahead with the purchase so I was deemed to be gifted eur400, 000 what would I owe then? Its a house in Dublin where the neighbours houses aren't compatible so it's hard to guess what it would be valued at and prices are flying up
In what circumstances can I avail of the inheritance tax exemption give I live in the family home and if I sold my apartment this year? Would I qualify?
Thanks
Just so I understand - I can't avail of the inheritance tax exemption because I'm not inheriting the house I'm buying it?
The transaction therefore counts as a gift of the difference between market value and sale price.
And I will owe 33% on any part of the gift over eur313k?
Who will determine the value of the house/gift?
My father has offered to sell me the family home and will split the price of the sale between my two brothers. It would be done on the understanding that he has a home for life etc.
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