I'm also conscious that I would need to be in a position to pay the inheritance tax should my relative sadly pass away. The inheritance tax would be approximately €300,000.
There's certainly a lot to think about there. I wonder who would be the best type of professional to offer advice in this situation - a solicitor, an accountant or perhaps talk directly to Revenue to ask the question "hypothetically"? It seems quite complex to me. Would Revenue even humour me with a response if I were to ask how I could avoid paying inheritance tax??? I'm an above board type of person and I had no idea that I could even avoid the inheritance tax until I posted here! I certainly don't want to set alarm bells ringing with Revenue!
But I wonder could I hold onto the property for the moment and sell it just before the 3 years are up even if I have no intention of renting it out? That way I'm reducing the balance on the mortgage and house prices may increase further.
I wonder who would be the best type of professional to offer advice in this situation
Would Revenue even humour me with a response if I were to ask how I could avoid paying inheritance tax???
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