Tax on inheritance

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partnership

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Hope this is the right forum for this. MIL died and left house between four children. One child and the wife are now buying the other three out. Solicitor has said that if it is transferred to joint names it may be liable to tax unless it is only in the sons name. Obviously tax would only be on quarter share as the rest is being bought. Any thoughts?
 
Each child is able to inherit (from 10th October 2015) €280,000 from a parent without incurring any tax liability. What has the house been valued at?
 
The concern here is that the inheritance is being split and therefore does not qualify for the interspousal exemption.

There are a number of issues.
1. gift splitting does not apply to inheritances.
2. If the transfer to joint names is in order to mortgage the property to buy out the other co-owners the Revenue will accept the transfer is for bona fina reasons anyway.
 
I know and it would only be 47k which would be his share and we use it as deposit and get mortgage for the rest. I think it is because joint names would be on the house. It seems ridiculous to me as if we sold it and he got the money and we used it as a deposit there would be no problem.
 
their concern was that if it is transferred into our two names that there would be a tax liability because it is him that inherited it. They said that might have to be in his name for period first which would affect mortgage
 
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