Childs name on parents deeds

G

giardiniera

Registered User
Messages
16
I know this was asked before but i can't find the thread.
My boyfriends parents are thinking about putting his name on the deeds to his house so he wont have to pay inheritance tax.
The house isn't worth even 300k so is this necessary? would he have to pay inheritance tax on this amount - he's an only child so it wouldnt be split with anyone else.
Secondly we are currently saving a deposit to buy our own place if his name was on a house already would he lose his FTB status?

Thanks.
 
Giardiniera,

Your boyfriend's parents can gift him up to a current maximum of just over €500,000 tax free and so on a house valued at approx. €300,000 now he would not be liable for tax. However, they would need to put his name only on the deeds of the house, and not say in joint names with one parent, as technically this is not seen as gifting the house to him. The Revenue are very sticky on this.

As for his first time buyer status, I am not sure. However, as he has never previously bought a house, and just inherited one, I would assume he would not lose his status. This would have to be clarified.
 
hi i recently inherited my grandparents home and paid inheritance tax and i am using the money from the sale of the house to buy another and i am classed as a first time buyer,im sure its the same for your boyfriend x
 
You must log in or register to reply here.
Back
Top