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Inheritance Tax Worries

  • 07-07-2015 2:59pm
    #1
    leeside11
    Registered Users, Registered Users 2 Posts: 151 ✭✭


    A family member inherited house from a relative 9 years ago.
    Went to sell it to pay tax owed on it only to find out relatives house was never registered in their name during the time they lived there until their death.
    Had to track down original owner which took time to sign over it.
    Fast forward recession, no interest in property when it finally went up for sale.
    Have now managed to get shut of it for a very reduced price and paid the original tax owed on it.
    The price of the house will in no way cover what's owed to Revenue now in interest and penalties.
    How flexible are the Revenue if circumstances outside the beneficiary's control caused the delay in selling it.
    Asking for a very stressed and worried person atm.


Comments

  • #2
    notabasicb
    Registered Users, Registered Users 2 Posts: 106 ✭✭notabasicb


    I'm very sympathetic to your situation and think inheritance tax will be an issue in next general election given how much threshold came down over last few years.

    Re your enquiry I really haven't got experience on issue but obviously looking for reassurance from strangers on the internet is not going to help an already drawn out situation. Don't bury head in sand. Get professional advice/support as I imagine situations like this will vary greatly on case by case basis.


  • #3
    Ken.
    Closed Accounts Posts: 12,898 ✭✭✭✭Ken.


    I don't think I'm breaking any rules by saying that Revenue are grand to deal with as long as you engage early with them and don't take the piss. Try to screw around and they will mount your head on their wall.


  • #4
    leeside11
    Registered Users, Registered Users 2 Posts: 151 ✭✭leeside11


    notabasicb wrote: »
    I'm very sympathetic to your situation and think inheritance tax will be an issue in next general election given how much threshold came down over last few years.

    Re your enquiry I really haven't got experience on issue but obviously looking for reassurance from strangers on the internet is not going to help an already drawn out situation. Don't bury head in sand. Get professional advice/support as I imagine situations like this will vary greatly on case by case basis.

    Made an appointment with someone for them to sort it out somehow.
    It's affecting their health due to the stress and worry of it.
    Thanks again.


  • #5
    leeside11
    Registered Users, Registered Users 2 Posts: 151 ✭✭leeside11


    ken wrote: »
    I don't think I'm breaking any rules by saying that Revenue are grand to deal with as long as you engage early with them and don't take the piss. Try to screw around and they will mount your head on their wall.

    Hopefully that will be the case. Fingers crossed..


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