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inheritance tax?

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  • 17-05-2015 3:05pm
    #1
    Brinimartini
    Registered Users Posts: 279 ✭✭


    I'm on a disabi, ity pension and am about to inherit circa 60k as one of seven from sale of parents house.
    Will I have to pay any tax on that?


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    #2
    luckyboy
    Registered Users Posts: 274 ✭✭luckyboy


    Brinimartini wrote: »
    I'm on a disabi, ity pension and am about to inherit circa 60k as one of seven from sale of parents house.
    Will I have to pay any tax on that?

    Unless you have previously inherited or been gifted about €165k from either parent since December 1991, then "No" is the answer. You basically have a €225k lifetime exemption threshold for gifts or inheritances from your parents. As always with tax matters, get proper professional advice if you are not sure ...


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    #3
    brucky
    Registered Users Posts: 131 ✭✭brucky


    The threshold for Inheritance tax changed in 2009. As an only child if I was to inherit my mother’s house I would be unfairly penalised by the current €250k limit. This would without doubt inflict a massive financial liability on me, and my family. In addition to this and as a member of the negative equity generation it means that I would be forced to sell the family home and it would feel like a double blow. This the same for a lot of families accross the country. We should now lobby Minister Noonan & the TD's ahed of the October budget. Our parent's worked all their life and a vast chunk is taken by the tax man its completely unfair & unjust. The economy is starting to turn and we should now be pushing to have the threshold increased as Ireland's Inheritance tax is the highest in Europe


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