inheritence tax

craftypaddy

my wifes mother is going to make her will next week and wants to leave us her house, will we have to pay inheritence tax if she leaves it to both of us or is it better to leave it to my wife. we are not home owners if that makes a difference ?

seco

Will depend on house value. The group threshold (exempt amount)applicable where inheritance from mother to child is €332k approx. If there are other assets being inherited, this would also have to be taken into consideration. Any gifts received during mother's lifetime would also have a bearing on matter. If all above still below exemption limit, it would probably be better if the inheritance is to your wife only because the exemption limit between your mother in law and yourself is only about €16k. If value of inheritance is likely to be greater than exemption limits, I suggest you take professional advice.

autonomy

Buy the house off her, so the house is in you and your wifes name! Then get the mother in law to give you back the money while she continues to live in it! When she passes away, the house is yours, fcuk off government and fcuk off inheritance tax