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Inheritance Question

  • 08-10-2020 3:51pm
    #1
    Registered Users, Registered Users 2 Posts: 4,026 ✭✭✭


    Piece of land owned by grandparent.

    If the land is transferred to the grandchild - 33% of the value in taxes is due ( minus the 32,500 exemption)

    Solicitor can't answer this for me which I find hard to believe he doesn't know?


    The house (minus the land) will be shared between 4 family members as stated in the will. Each will probably receive in the region of 150,000, so the below won't effect the final outcome of the inheritance re taxes. (as in the value of land and estate won't go over the 335,000 threshold)


    Can the grandparent gift the land to her son then the son to his child (the grandchild) obviously it's not as easy as just passing it on. What are the rules regarding this?

    I can't find anything online. But I'm guessing there would be a period of time needed to pass before it could be handed down again from son to child.

    Or can it not be done at all?

    Any advice welcome.


Comments

  • Registered Users, Registered Users 2 Posts: 19 LaQuica


    There would have to be a three year period between the gifting it to the son and then the son gifting it to the grandchild. Otherwise, it will be deemed as a gift from the grandparent to the grandchild and CAT will be charged on that basis. Look up 'gift splitting' for further details.


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