Deferring gift tax

[john luc]

I am in a lucky and also unlucky position of being gifted a house from my Aunt. The unlucky part is I will incur a gift tax on this and as I am not going to be selling the house anytime soon I was wondering if I can deferr paying the tax to a later time. House needs major renovation so I need to have a hefty budget to do this and the tax will knock a hole in this.

 

[john luc]

Bump. I suppose I will just have to pay the tax now as I cannot find anything in the tax law other than to ignore the tax only to have a hefty interest charge levied on to it.

 

[torblednam]

Unless you can convince Revenue that paying the tax now would cause you undue hardship then you'll have to pay it. It doesn't sound likely from your OP though.