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Probate - second house - a clarification

  • 02-03-2016 7:15pm
    #1
    gerrymadden1
    Registered Users, Registered Users 2 Posts: 358 ✭✭


    A person who is resident in the family home for over 60 years is left the house by his brother when he passes away.
    His brother also left him a share in a second house that he owned.
    Is this person liable to pay tax on the house where he has lived all of his life?
    Can anyone point me to a link that explains this? I've read it in the past but I can't find it again.


Comments

  • #2
    chops018
    Registered Users, Registered Users 2 Posts: 2,458 ✭✭✭chops018


    Yes - Capital Acquisitions Tax.

    The person may be able to get dwelling house relief on the family home or a right of residence will be taken into account.

    Second property and share thereof will be taxed accordingly. As a brother/sister they would be group B threshold and allowed an allowance of €30,150 tax free on the share. Should also note that any prior gifts/inheritances of the same group threshold in the persons lifetime may reduce the tax free threshold.

    You really would need to see a solicitor and/or an accountant. The above is just basic info on what you said but could be incorrect without the full facts at hand - we're not allowed give legal advice here so as I said best course of action would be get seeing a solicitor/accountant.


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