Inheritance tax question

Howard the Duck

Hi, I am hoping someone can help me. This is more of a general question but I haven't been able to find the answer online.

My sibling received a gift of land and a house from our parents worth 100k about 8 years ago.

Now I am to receive a house from them worth 320k, my question is does the first gift of 100k mean that the gift limit has been reached already so I would receive 220 and have to pay tax on the other 100k?

I'm not sure if I am explaining this very clearly.

Calahonda52

The threshold is yours, not a limit on your parents.

y0ssar1an22

as said above, the threshold is yours. as it gift exceeds 80% of the threshold, you will need to file an IT38 form:

https://www.revenue.ie/en/gains-gifts-and-inheritance/documents/form-it38s.pdf

also make sure you have the property valued by a 3rd party as it is between connected parties revenue are more likely to ask for documentation.

Howard the Duck

Thanks for the replies very helpful.