- I have the first €32,500 tax free
- I owe 33% CAT on the balance of €317,500 = €104,775
Am I correct in assuming I have two options?
1. Sell the house immediately
2. Keep the house, pay the above
Pity you did not know sooner because seemly you can get an inheritance tax insurance policy that will cover the tax bill If under 80? AIB sells it.So my uncle has informed me that I am down to inherit his house when he passes. My dad is the executor of the will and has confirmed that is on the paperwork. I am due to do a Money Makeover soon to get all cards on the table, but wanted to keep the focus on inheritance options first.
I obviously hope to not 'inherit' anything for many years yet, but he is 83 and with mixed health. I wanted to try to figure out exactly what I have in front of me, when the time comes.
The house value is likely around €350k going on others that sold there over the last 6-12 months.
Am I correct in assuming:
- I have the first €32,500 tax free
- I owe 33% CAT on the balance of €317,500 = €104,775
Am I correct in assuming I have two options?
1. Sell the house immediately
2. Keep the house, pay the above
If #2, what are my options in regards to getting a loan etc?
Thanks in advance.
I obviously hope to not 'inherit' anything for many years yet,
- I owe 33% CAT on the balance of €317,500 = €104,775
Or CAT rates may have dropped back to 25% or less ...You may have ten years or more to your inheritance. Plenty of time to start saving up for the bill
If you don't have the full amount saved, you will find it easier to borrow a smaller amount from a Credit Union.
Interesting, didn't know such a policy existed.Pity you did not know sooner because seemly you can get an inheritance tax insurance policy that will cover the tax bill If under 80? AIB sells it.
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