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Tax on my parents house

  • 05-11-2017 11:02am
    #1
    amtc
    Registered Users, Registered Users 2 Posts: 2,490 ✭✭✭


    For historic reasons, my parents' house is only in my Mam's name (There is a history). They are still together (which is a miracle). It was bought jointly but my dad signed over all his ownership to my mother in the 1990s. The house would be worth about 500k.

    My parents are both now reviewing their wills. My Mam will be 70 and my dad 79.

    I am an only child and both their wills name me as sole beneficiary. They asked me to look into tax. From what I can figure out I would be liable for quite an amount. I have no particular affection for the house despite being there for 30 years!

    The only way I could see would be my mother putting my dad back on house but she is adamant that she won't. Is there any way around this in terms of a gift etc.

    I should point out that I want both of my parents with.me for as long as they can, but we had a situation recently where an elderly family friend died and her only relative...a nephew...spent a fortune on tax


Comments

  • #2
    amtc
    Registered Users, Registered Users 2 Posts: 2,490 ✭✭✭amtc


    Oh I should point out I have my own house for 14 years


  • #3
    Lockedout2
    Registered Users, Registered Users 2 Posts: 402 ✭✭Lockedout2


    The ownership of the house by one parent is irrelevant to the overall position for CAT.

    A gift from Class A is subject to a lifetime threshold of €310,000 so that's gifts from both parents in your lifetime.

    Her will should surely give your father a right of residence for his life.

    You should seek professional advice specific to your circumstance.


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