I have been willed the family property by my ageing parent. He is now beginning to fall into poor health so we are considering moving in now to assist him. I've two questions:
1. If we carry out home improvements which increase the value of the property, are these deductible when it comes to paying the inheritance tax? E.g. if the house is worth €500k currently and we refurb to bring the value of the house to €550k, will the inheritance tax be calculated from €550k?
2. When the time comes to pay the inheritance tax, it's obviously going to be a sizeable amount. Does this need to be paid to the revenue immediately or is there any sort of timeframe applicable where it can be paid over a period of time?
Appreciate any input.
1. If we carry out home improvements which increase the value of the property, are these deductible when it comes to paying the inheritance tax? E.g. if the house is worth €500k currently and we refurb to bring the value of the house to €550k, will the inheritance tax be calculated from €550k?
2. When the time comes to pay the inheritance tax, it's obviously going to be a sizeable amount. Does this need to be paid to the revenue immediately or is there any sort of timeframe applicable where it can be paid over a period of time?
Appreciate any input.