Inheritance Tax on Joint Property

About 10 years ago, I took out a mortgage to give my sister her share of the family home. The idea at the time was that when my mother died, I would inherit the house in its entirity. The house was then registered as the JOINT property of myself and my mother. My question is this: in this situation, am I liable for inheritance tax when my mother dies? I understand that the inheritance tax thresholds have been reduced considerably in recent years, and this is causing difficulties for some people, so what is the position where a family home has been jointly owned by a parent and child?

Just as a matter of interest how was your interest acquired? Did your mother gift 1/2 the house to your sister (exempt under the threshold I presume) and then you bought it from your sister.

So you own 1/2 the house, on your mothers death she will gift you the other half of the house in her will (if tenants in common) if joint tenants her share passes to you anyway.

So you have a gift of a 1/2 the value of the house you may qualify for dwelling house exemption http://www.revenue.ie/en/tax/cat/leaflets/cat10.html

If not the parent to child threshold will apply and you will pay CAT on your mothers half.

Hope that helps.

Ok, what I'm taking from this is

A - where the interest in the house has been transferred to me, then the gift is not liable to tax provided that I have been resident in the house continuously for three years prior to the transfer and also provided I have no interest in any other properties and thirdly that I am continuously resident in the house for six years after the transfer and

B - provided the above conditions are met, any inheritance tax payable on my mother's death would only be on HER half of the property, which means that provided the value of HER half did not exceed the threshold, NO inheritance tax would be payable.

Have I got that right?