Inheritance

Info_hoarder

I'm a father living with my son and girlfriend in an exceptional brand new council house that I'm thrilled to ever have eyes set upon, both living off a social welfare payment and just before i thought things couldn't have gotten even more messier than moving in I've learned that I've just been inherited a house off of my great uncle, at first it was overwhelmingly good news but as time goes on I've learned that it'll cut off every income that I'm now depending on, like my as of recently out of date medical card, social welfare payment,... Basically everything will be means tested. Another worry is that there is a tennent living there that's put my 33% inhertence tax bill down a bit, as it is a cut of the valuation of around about 150k.. my real question is will this end well?

Calahonda52

You don't have to take the inheritance,
My guess is you are getting c 23,000 euros a year so do the math.
However are your benefits time limited?

https://www.revenue.ie/en/gains-gifts-and-inheritance/completing-your-gift-or-inheritance-tax-return-it38/what-is-a-disclaimer-of-benefit.aspx

antix80

Hi Op. I'd advise you to pay any inheritance tax necessary. Then gift the balance to me. I will take care of any tax due on my end.

Portsalon

Calahonda52 wrote: »

You don't have to take the inheritance,
My guess is you are getting c 23,000 euros a year so do the math.
However are your benefits time limited?

It's not widely known but if you intentionally deprive yourself of capital (e.g. an inheritance) in order to continue claiming means tested benefits then the Department of Social Welfare and /or HSE can treat you as if you had received the inheritance. However, CAT would not be payable.
I don't know how they would find out about it, but it's worth being aware of this possibility.

Info_hoarder

Portsalon wrote: »

It's not widely known but if you intentionally deprive yourself of capital (e.g. an inheritance) in order to continue claiming means tested benefits then the Department of Social Welfare and /or HSE can treat you as if you had received the inheritance. However, CAT would not be payable.
I don't know how they would find out about it, but it's worth being aware of this possibility.

Will it be the case that if I won't have the money in time for the tax bill I will lose the house indefinitely?

holliehobbie

Here's an idea. Move into your uncles house, give the council house back to the council! Or sell the uncles house and buy another if the location of your uncles house doesn't suit!