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Inheritance Tax

  • 24-06-2010 3:33pm
    #1
    CuppaCocoa
    Closed Accounts Posts: 1,858 ✭✭✭


    Hoping to buy a house from 4 siblings who were left the house in their Mother's will. Will they each have to pay inheritance tax on their share (approx 50k)? Any idea how much this would be? Would it be possible to give them each a cash sum of about 10k? Our builder mentioned this as an option but I didn't think it would be possible to do? :confused:


Comments

  • #2
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    It depends on how much they got, if anything, from their parents before.


  • #3
    CuppaCocoa
    Closed Accounts Posts: 1,858 ✭✭✭CuppaCocoa


    I don't know. I wouldn't say there was much if anything In the way of other money left to them.


  • #4
    CuppaCocoa
    Closed Accounts Posts: 1,858 ✭✭✭CuppaCocoa


    Anyone else got any ideas?


  • #5
    mathepac
    Banned (with Prison Access) Posts: 4,991 ✭✭✭mathepac


    Yes, your builder is an idiot. Any scheme that has as its intention the non-payment of a legal tax is tax evasion and is illegal.

    To answer your question accurately, posters will need to know :-
    • The value of the house and the percentage ownership each sibling holds
    • The total value of all gifts received by each sibling from the mother over her life-time and declared to Revenue.
    Will you be asking your accountant to build your extension?


  • #6
    CuppaCocoa
    Closed Accounts Posts: 1,858 ✭✭✭CuppaCocoa


    mathepac wrote: »
    Yes, your builder is an idiot. Any scheme that has as its intention the non-payment of a legal tax is tax evasion and is illegal.

    To answer your question accurately, posters will need to know :-
    • The value of the house and the percentage ownership each sibling holds
    • The total value of all gifts received by each sibling from the mother over her life-time and declared to Revenue.
    Will you be asking your accountant to build your extension?

    Thank you for that reply. As I did state in my post I didn't think it was possible. Just wanted some clarification! :rolleyes:


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