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Inheritance tax

  • 13-08-2018 9:44pm
    #1
    TheDazzler
    Registered Users Posts: 47 ✭


    Hi all,
    My mother recently passed away and has left the house to myself and my 2 brothers.

    The house might be worth in the region of €500,000.
    I understand that the threshold for inheritance tax is €320,000 before it kicks in.

    In the event that we sell, we might receive €166,000 each. Are we individually exempt or does the tax affect the initial sum so that we need to pay tax on the €180,000? (€500,000 - €320,000 = €180,000).
    TIA


Comments

  • #2
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    The threshold value is personal not communal. Your solicitor should have explained all this to you.


  • #3
    TheDazzler
    Registered Users Posts: 47 ✭TheDazzler


    Zachariah Loud Fur wrote: »
    The threshold value is personal not communal. Your solicitor should have explained all this to you.


    We don't have a solicitor. We are dealing with it ourselves, or rather our cousin is, as executor of the will. None of this is sorted out yet and we haven't decided what we're doing yet, as my mother has only recently passed away, so I'm just looking at the options.

    So you're saying we're individually well under the threshold, many thanks!


  • #4
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,674 ✭✭✭✭Calahonda52


    TheDazzler wrote: »
    We don't have a solicitor. We are dealing with it ourselves, or rather our cousin is, as executor of the will. None of this is sorted out yet and we haven't decided what we're doing yet, as my mother has only recently passed away, so I'm just looking at the options.

    So you're saying we're individually well under the threshold, many thanks!
    its self assessment and you need to use ROS to file the return, even when nothing due: don't let anyone charge you for doing this as its your tackle is on the line

    “I can’t pay my staff or mortgage with instagram likes”.



  • #5
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    TheDazzler wrote: »
    We don't have a solicitor. We are dealing with it ourselves, or rather our cousin is, as executor of the will. None of this is sorted out yet and we haven't decided what we're doing yet, as my mother has only recently passed away, so I'm just looking at the options.

    So you're saying we're individually well under the threshold, many thanks!

    Get a solicitor now to do it properly or you will have to pay him many multiples to fix it and negotiate with Revenue.

    There are no options. The executor has to faithfully administer the terms of the will.

    If your cousin has a solicitor let him sort it out


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