inheritance tax Ireland - Intestate

Wolff

Hi there

Hope someone can guide me here a little - long story short - My Mother died way back in 1983 and was intestate - she was also the owner of the family home - which passed 2/3 to my father and 1/3 to myself and my brother - say the value at the time was 18k

Fast forward to last year and my Dad passed on and his will left everything 50/50 to me and my brother - House now worth approx 400k

We both obviously lived in the house after 1983 for a significant number of years

Is there going to be a tax bill for us here in this scenario and is it worthwhile getting a tax accountant involved given the sums - our final settlements will still be significantly below the thresholds

Thanks

Wolff

ohnonotgmail

As you and your brother already owned 1/3 of the property your father gifted 2/3 of the property so 1/3 each. on a value of 400K that is approx 133K each. The CAT threshold for transfers from a parent to a child is 335,000 so no tax is due. However you should still complete a CG1 return.

Deeec

https://www.boards.ie/discussion/comment/119288339#Comment_119288339

You would also have to take into consideration if you have received any other gift/inheritance from your parents over the years ie. Cash, other property etc..

Wolff

Thanks for those comments - we are going to be liable then when we sell the house on the gain on the 1/3 we already own I take it -

Or would the CAT threshold cover us from the original transfer as well from my mother ?

We have not received any other property or gifts over the years - unless a 50 in a card counts !

ohnonotgmail

https://www.boards.ie/discussion/comment/119288784#Comment_119288784

when you sell it, then yes., as it isn't your primary residence.