Inheritance of family home and Tax implications

[LFC Murphy]

Please move if incorrectly located.

Anyway just wondering what tax implications arise if one Inherits the family home. I know that the threshold for gift/Inheritance tax is €478,155 (based on valualation of course) however is there any other taxes out there that may pop it's ugly head.

I was gifted a site from my brother which fell into the capital gains bracket so if anyone knows. Thank

 

[mf1]

Are you talking about two separate property situations? i.e. you have already taken a gift of a site from a brother and you expect to inherit your parents family home?

If you inherit the property outright then there is no stamp duty, the vesting of the property is done by way of "Assent". If you get a share and buy the others out, you pay stamp duty on the value of their shares. There is no CGT. CAT may apply depending on the values i.e. do the combined gifts/inheritances take you over the threshold?

You're a lucky person if all this property is coming your way! You probably should take legal/tax advice at this stage to see if you can in any way legitmately reduce your potential tax liability.

mf

 

[LFC Murphy]

I think I should. Thanks.