Happy Monday.
I inherited from my mother who died in 2020 in Germany. I have paid inheritance tax in Germany and subsequently in Ireland (because the Inheritance tax % in Germany is lower than in Ireland so all is settled with that.
My father (was never married to my mother, is Italian and lives in Italy) wants to gift my sister and me a cellar he owns under his apartment ( in Italy), which we will convert into a holiday apartment. The cellar is only worth about 40K at this time.
Am I liable to pay gift tax on this in Ireland?
Thank you
I inherited from my mother who died in 2020 in Germany. I have paid inheritance tax in Germany and subsequently in Ireland (because the Inheritance tax % in Germany is lower than in Ireland so all is settled with that.
My father (was never married to my mother, is Italian and lives in Italy) wants to gift my sister and me a cellar he owns under his apartment ( in Italy), which we will convert into a holiday apartment. The cellar is only worth about 40K at this time.
Am I liable to pay gift tax on this in Ireland?
Thank you