My parents are deceased and the family home is left to the remaining children. I am the youngest of 5 and my brothers and sisters all have their own homes and are happy for me to inherit the family home.
I understand that they can wave their right to their share of the family home and have is left to myself.
My questions are:
1) Can my brothers and sisters wave their right to the family home so that I am the sole beneficiary?
2) What are the tax implications of this for myself as well as my Brothers and Sisters? I should point out that I am currently not resident in Ireland as I am working abroad. (I was born in Ireland and lived here most of my life, I am an Irish Citizen).
3) Being non-resident are there any different tax implications?
I would really appreciate any information or guidance.
http://www.revenue.ie/en/tax/cat/guide/disclaimer.html
May help. Read the 10 points.
Looks like double CAT, however 5 by k225 or so is a big number so maybe not a big issue. It depends what stage the probate is at.
The rest outside my knowledge
I appreciate the information. As I am living and working abroad, the Brother is dealing with the solicitor. He mentioned that as I am non-resident I may have to engage my own solicitor, which is why I want to check is there any liability or aspect I am missing.
If all is that is at issue here is you as a beneficiary, then I don't see the need to engage a solicitor as the guy here will do the probate work and send u the paperwork showing you as sole beneficiary or what ever.
As you are non res, follow this thread http://www.askaboutmoney.com/showthread.php?t=188421