Question: Does co-owning parents house cancel inheritance tax?

off.the.walls

I am an only child, so when the day comes and my parents are gone I will inherit their estate. My worry is that when that day does get here I will get stuck footing a bill for almost 50/60 grand.

If I were to buy part of their house from them, would this cancel out the inheritance part of getting the house or would there be something else?

Thanks for any advice.

Evan

Robbo

OP, what you need here is proper professional tax advice. Any transaction needs to be 100% above board as the Revenue are not to be trifled with.

coylemj

off.the.walls wrote: »

If I were to buy part of their house from them, would this cancel out the inheritance part of getting the house or would there be something else?

Won't you just end up inheriting half a house and your own cash - instead of 100% of the house - which would lead to potentially the same tax bill?

Have a read here ....

inheritances of a dwelling house taken on or after 25 December 2016 will be exempt from capital acquisitions tax provided the following conditions are satisfied:

You need tax advice from a professional before making any decisions.

Mr. Incognito

You have lifetime CAT thresholds to cover inheritences.

Speak to an advisor