Inheritance tax-Dwelling house exemption.

df1985

Hi,

I recently inherited my parents house, the family home, and was eligible to claim the dwelling house exemption as ive lived here all my life and continue to do so. I understand I now must continue to own the house for the next 6 years or i will have to pay tax on the amount claimed in the exemption. Thats fine, i just have a couple of questions with regards what options, if any, I have:

1) Can i rent rooms in the house now while I live here (think i can)

2)from the citizens info website- "A recipient absent during any time through working abroad is considered to remain in continuous occupation of that dwelling house."......does this mean if I was to go travelling/working in australia for maybe 2 years, my exemption will not be affected?? also could i rent the house while I was gone?

3)finally, if i remained the owner of the house, but rented it, while I moved out and rented just a room somewhere else does this mean I woud have to pay the tax?

Thanks for your replies, just trying to figure out what I can do, 6 years is a considerable amount of time, and im kind of feeling trapped here due to the the tax implications if i want to move.

barneystinson

http://www.boards.ie/vbulletin/showthread.php?t=2055559195

Mr. Incognito

http://www.taxireland.ie/documents/general/A_Guide_to_CAT.pdf