Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Inheretence tax problems

  • 29-01-2018 3:15pm
    #1
    Treatylad75
    Registered Users, Registered Users 2 Posts: 1 ✭


    So long story short, my brother and I are being left a house by an aunt. Now the inheretence tax could well be 50/60/70k and my brother basicallyy never wworks and won’t have a penny to his name when the time comes. What will our options be. It surely can’t rest on my shoulders to pay it all.


Comments

  • #2
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    Treatylad75 wrote: »
    So long story short, my brother and I are being left a house by an aunt. Now the inheretence tax could well be 50/60/70k and my brother basicallyy never wworks and won’t have a penny to his name when the time comes. What will our options be. It surely can’t rest on my shoulders to pay it all.
    If your brother has no money, your options are:

    1. You both sell the house and use the cash to pay off the tax bill
    2. You buy his half of the house and he uses that money to pay off the tax bill
    3. He gets a mortgage or another secured loan on the property to cover his part of the tax bill (which will be quite unlikely if he has no income and it's jointly owned)
    4. You do nothing and the taxman prosecutes him for failure to pay CAT.

    You're not liable for your brother's tax on inheritance. The value of the property is (presumably) split down the middle and you each pay tax on your half.

    Option 1 is the preferable one here - you both walk away with a chunk of cash and no tax problems.


Advertisement