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House Inheritance Question

  • 20-08-2012 11:59pm
    #1
    Jesper
    Registered Users, Registered Users 2 Posts: 817 ✭✭✭


    I have a question on house inheritance. I am not looking for loopholes or legal advice or ranting at any taxes or inheritance law.

    My aunt recently passed and left her house as part of the estate to be divided to the remaining brothers and sisters (5) once sold. Her husband is also passed and she has no children.
    So an auctioneer priced the house at 120k. If the house is sold on open market what % tax will be taken?
    As the remaining brothers and sisters are all 55+ it makes no sense for them to buy the house.
    So I'm wondering if a niece/nephew was to buy the house would it be the identical process as 'joe soap' from the street?
    Also I know the family would absolutly love to keep the house in the family so is it an option for a niece/nephew to pay 'cash' to the brothers/sisters and being made owner instead of going throught the long legal process?
    Is there any financial/tax benefit to this?

    Apologies if this looks like a gripe/or tax dodge. I would just like to know what optioins are available.
    Tagged:


Comments

  • #2
    ResearchWill
    Closed Accounts Posts: 4,111 ✭✭✭ResearchWill


    Jesper wrote: »
    I have a question on house inheritance. I am not looking for loopholes or legal advice or ranting at any taxes or inheritance law.

    My aunt recently passed and left her house as part of the estate to be divided to the remaining brothers and sisters (5) once sold. Her husband is also passed and she has no children.
    So an auctioneer priced the house at 120k. If the house is sold on open market what % tax will be taken?
    As the remaining brothers and sisters are all 55+ it makes no sense for them to buy the house.
    So I'm wondering if a niece/nephew was to buy the house would it be the identical process as 'joe soap' from the street?
    Also I know the family would absolutly love to keep the house in the family so is it an option for a niece/nephew to pay 'cash' to the brothers/sisters and being made owner instead of going throught the long legal process?
    Is there any financial/tax benefit to this?

    Apologies if this looks like a gripe/or tax dodge. I would just like to know what optioins are available.

    If the house sold for say 150k giving each of the siblings 30k then as long as none of them have received a gift or inheritance before the money will be tax free as the exemptions for a sibling are 33.5k.

    In relation to buying the house cash, a really really really bad idea. The unpaid stamp duty would attract late fees, the house would be impossible to sell on, and each of the siblings could face non filing fees and penalties. Just do it the legal way it's easier.


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