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Best way to value house for inheritance purposes

  • 11-09-2012 9:29am
    #1
    Monkstownman
    Registered Users, Registered Users 2 Posts: 14 ✭


    My parents are writing up their will and wish to leave their house divided between me and my sibling.
    My sibling would like to retain the house (presumably, keep it to live in it). The understanding is I should then received 50% the value of the house based on the average valuation of two estate agents.
    Is this a sensible approach?


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,576 ✭✭✭✭Victor


    Three would be more normal in such decisions, possibly going for the average of the closest two. Two means that one person could ask for a billion euros, thereby getting €500m+. :).


  • #3
    Monkstownman
    Registered Users, Registered Users 2 Posts: 14 ✭Monkstownman


    Actually, it is a very difficult property to value. It is a one off type of property.
    Are the inheritance tax implications different for the two siblings if one retains the property?


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