Inheritance Tax

cathorio

My Mum has recently died leaving me the family home.
I have lived in this house all my life.
My question is, do I have to pay Inheritance Tax???
Some of my friends say I don't while others say it depends on the value of the house.
For the purpose of property tax the house was valued at € 110,000.
I would appreciate any advice or guidance.
Thanking you in advance.

http://www.revenue.ie/en/tax/cat/thresholds.html
Parent to child, €225,000. Your solicitor will be the best one to guide you.

cathorio

Mary Anne, my sincere appreciation.

cobham

I think the fact that you lived in the house is relevant. There might be some rule about living there for so many years after inheritance and not selling it in that time to avoid a tax. An accountant would also give good advice.

coylemj

cobham wrote: »

I think the fact that you lived in the house is relevant. There might be some rule about living there for so many years after inheritance and not selling it in that time to avoid a tax. An accountant would also give good advice.

The house is worth less than half the threshold for paying tax on a gift from a parent so whether the OP lived there or not is irrelevant.

cathorio

My sincere appreciation to all who took the time to answer my question. Much respect.

annieoburns

My apologies Cathorio for not reading your original post properly. I still feel you should get a proper opinion on the matter. Inheritance tax in Ireland is cumulative so at some stage in the future this inheritance might be relevant. And my sympathies also on the death of your mother.

Delta2113

About to Inherit a house worth approx. €400,000 from Mother but because I have been living in it and will continue to live in it I wont have to pay any tax on it.

However I am also getting about €20,000 from bank account. Will I have to pay tax on this?