Inheriting property from parent while they're still alive? what's the best way to go about this?

epicmoe

Hi there!

Myself and my wife live and work on my parents farm - currently living in a mobile home on the land. I am renovating a stone barn into a granny flat for my mother (my father died years ago) and she wants to give us the bungalow that she is currently living in. We basically have very little cash, and are doing all the building work ourselves, including milling the timber.

How should we go about this? should we:

1) arrange the sale of it for some nominal amount, like a fiver for instance? do we still have to pay the tax for the full value of the house? is there any other way around this, or caveats because we are working the land/ it's our primary residence?

2) Is a peppercorn lease a thing in Ireland?

3) just live in it , and have her leave it to us in her will? What are the tax implications of this route?

4) something else entirely? I really have no idea how to work this!

Thanks in advance.

sweetie

see a solicitor that specialises in Farming taxation and inheritance. Don't be looking for advice on the web!

Victor

There are schemes designed to facilitate transfers of farms to qualifying people, especially if they are already working on the farm, but talk to a solicitor familiar with the issue.

The milling of timber seems precarious. The moisture content and preservative needs to be done carefully.

Pawwed Rig

Talk to a tax advisor. You should be looking at agricultural relief or business relief but you need to make sure you tick all of the boxes (which I assume you would by the sounds of it).

AnRothar

https://www.boards.ie/discussion/2058207619/inheriting-property-from-parent-while-theyre-still-alive-whats-the-best-way-to-go-about-this

Does your barn conversion comply with building regulations?