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inheritance tax

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  • 21-01-2008 7:56pm
    #1
    chancer_007
    Registered Users Posts: 151 ✭✭


    aunt(never married) is leaving me a house in her will?
    if she dies I inherit the house I am liable for inheritance tax, for nephew i think its approx 50k tax free and 20% on the rest of the market value
    anyone know if its possible to avoid paying the 20%(dont declare it i know i know..)
    i read somewhere once that there is a way around this...somehing about favourite niece / etc tearting upu like a son/daughter and then the threshold is raised to 450k
    thanks


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    #2
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    http://www.flac.ie/download/pdf/wills.pdf

    has a bit at the end on what you may be at.

    it is difficult to comment further as I don't follow this:
    ..somehing about favourite niece / etc tearting upu like a son/daughter


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    #3
    The Rooster
    Registered Users Posts: 4,508 ✭✭✭The Rooster


    chancer_007 wrote: »
    aunt(never married) is leaving me a house in her will?
    if she dies I inherit the house I am liable for inheritance tax, for nephew i think its approx 50k tax free and 20% on the rest of the market value
    anyone know if its possible to avoid paying the 20%(dont declare it i know i know..)
    i read somewhere once that there is a way around this...somehing about favourite niece / etc tearting upu like a son/daughter and then the threshold is raised to 450k
    thanks

    The way around it is to go live with your aunt!

    You need to be living in your aunt's house as your main residence for at least three years -then I believe you can qualify for an exemption for inheritence tax.

    Section 86 of the Capital Acquisitions Tax Acts is the legislative reference.


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