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Gift from parents

  • 09-11-2017 10:08pm
    #1
    Jumping Davey
    Registered Users, Registered Users 2 Posts: 2 ✭


    Can anyone tell what Inheritance tax would be liable for the below.

    Parents gifting house which has estimate value of circa €170k to a son who is married (not sure if the married part is relevant but the house would be changed to son and wifes name.

    I think it is exempt but Websites i have looked up seem to be not up to date and there seems to have been some change for 2017.

    Thanks in advance.


Comments

  • #2
    L1011
    Registered Users, Registered Users 2 Posts: 71,184 ✭✭✭✭L1011


    Exempt, but it comes out of the lifetime limits for future inheritance. If those limits are cut below 170k it doesn't become retrospectively liable but only the difference from 170k to the limit at time of that happening would be allowable. I would recommend getting a independent valuation to hold on file.


  • #3
    Bold Abdu
    Registered Users, Registered Users 2 Posts: 213 ✭✭Bold Abdu


    House should not be gifted to you + wife.

    For CAT purposes she is a stranger to your parents. Her half (€85K) would exceed her tax free threshold and leave her with a hefty tax bill.

    As above, get proper advice before proceeding.


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