Inheriting family home & tax

theparish

I am the youngest son and am in the will to inherit family home since day 1.
The house is valued at less than 100k.I lived there for 23 years but have been renting for last 10 years at another address.My surviving parent is elderly so I have to spend alot of time in the home and 2 or 3 nights a week.I will in the next few weeks probably move home as it will make things easier.
The thing is on the revenue website it says this to be excempt from tax "The recipient must have occupied the dwelling- house continuously as his/her only/main residence for a period of 3 years immediately prior to the date of the gift/inheritance" .Can somebody shed light on this,does it mean the last 3 years or any 3.On inheritance I would intend to live in the house for foreseeable future,seems a bit mad that tax would have to be paid aswell.Thanks,sorry for long story.

mari2222

Tax is very personal so you will need personal advice- however, if the house is on farmland check if you qualify for ag. relief which reduces the value by 90%, maybe bringing your inheritance from parent to below the current 225,000 euro lifetime "parent to child" threshold (you pay capital acquisitions tax above this). If the house is not on farmland you would still be exempt up to the 225,000 euro. If, say, the house was worth a million you would be totally exempt only in the circumstances you referenced in your query.

You need to read the revenue.ie website for your circumstances and/or have a session or two with a tax pro.

Fitz123

Look at Revenue.ie for guidance on Capital Acquisitions Tax and the exemptions for different thresholds.

Other than that I believe specific advise on property is banned on this forum.

theparish

Thanks for the help.