Advice please.

babyjames

Hi all I have been left a house by by my Grandmother who passed on a few weeks ago. It was my main place of living for 20 odd years, I still stay there , I have been informed today that I have to pay 25% of the value?? . In inheritance tax, I am unemployed ,away from my wife. wtf can I do. My car is registerd there both as I am not legaly seperated all my post goes to the maratial home.

Rgds

Senna

You dont pay taxes on the first 40k if it from a grandparent, but yes you will have to pay 25% of the remaining value.
I dont think getting mail there will make any difference, but you can phone the revenue and they will give exact details.

babyjames

Thank you Senna, I'm really miffed at this ,As I now live there again ,I don't have that kind of cash to spare , With the property market as is, even if I could sell it were would I live.

Rgds

liger

babyjames wrote: »

It was my main place of living for 20 odd years, I still stay there ,

How long have you been staying there?


Heres a link to the excemptions for the tax on houses:

http://www.revenue.ie/en/tax/cat/leaflets/cat10.html

babyjames

Have been living back with my (late)Grandmother for 4 years next Febuary, I still love my wife but we can't get on, I pay the bills and everything else for her and my postal address is still the mariatal home, We still for all pusposes are a married couple i stay with her for Christmas and some weekends for my son


Heres a link to the excemptions for the tax on houses:

http://www.revenue.ie/en/tax/cat/leaflets/cat10.html[/QUOTE]

Ihaveanopinion

On the plus side - with property prices still tumbling - its becoming worth less and less..... you'll have less inheritence tax to pay!