How much inheritance tax to pay on large house.

My parents want to leave the family home to me but i couldnt afford the upkeep and i have my own home (in a different area so would like to stay here).
My question is how much tax would i have to pay if i were to sell it? (was worth over 900k in the boom).
Or if i did choose to live in it, would there be any costs involved?


Tks

Re: How much inherintance tax to pay on large house.

If you inherit 900K from your parents, your tax liability will be as follows

Tax free limit for inheritance from parents = 415K

0.25(900-415K) = €121250

This assumes that you have not received any other gifts from your parents, so have
your full tax free allowance to use.

However, if the value of the house is 600K, which is a wild guess, if it was worth 900K in the hieght of the boom, then the tax would be

0.25(600-415K) = €46,2500


If you live in the house for 3 years before you inherit, don't own another house and stay living in it for 6 years after inheriting it, you don't have to pay this tax.

Its all explained in the following revenue document

http://www.revenue.ie/en/tax/cat/leaflets/cat2.html

Re: How much inherintance tax to pay on large house.

i think you would also be liable for Stamp Duty @ 3.5% on anything over €125K

More about stampo duty here (no connection with site):

[broken link removed]