Inheritance Tax Question

Rose Violet

Hi I hope some of you out there will be able to clarify something for me. I inherited a house from my aunt in 2007 and a small sum of cash.

I decided to sell the house as I am based at the other end of the country and unfortunately wouldn't be in a position to visit the house often etc so the house was placed on the market at that time. The house was valued at the time for sale purposes, however, I was not in a position to pay the full amount of inheritance tax and was concerned that should the value fall before sale I would end up paying more tax than the house was worth.

I engaged with the Revenue Commissioners in this regard and gave them 8k as a downpayment on the inheritance tax and obtained a letter from them whereby they said I could wait until the house was sold and use the sale price as the valuation price for tax purposes. This will mean that my total inheritance is 62k (original cash sum of 12K (of which 8k was paid in tax already) + 50k). This is before solicitors, estate agents, ber fees etc. My question is simply which rate and threshold do I use to calculate this tax?- the 2007 date or the 2013 rate and threshold?.

Sorry to be so longwinded but I want to make sure I do this correctly. Thanks in advance.

Alan Shore

Charter does not allow replies to property questions.

Mr. Incognito

Please God go to see a professional

Why do people rely on annonymous internet forums for this advice.

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