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inheritance tax

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Comments

  • #32
    smax71
    Registered Users, Registered Users 2 Posts: 79 ✭✭smax71


    I've looked up this issue on the revenue website but am slightly confused so would just like to confirm that if I received an inheritance from a parent earlier this year which was less than 80% of the threshold then I dont have to make any sort of return to Revenue in the current year?



  • #33
    Princess Calla
    Registered Users, Registered Users 2 Posts: 6,494 ✭✭✭Princess Calla


    https://www.boards.ie/discussion/comment/121366539#Comment_121366539

    There's still a form you need to file.

    It's fairly straightforward, I think your ppsn and your parent's ppsn and the amount received, are the main pieces of information needed.

    I think I did mine (it was threshold C though) through "my accounts" on the revenue page. I procrastinated forever with it, then it took 2 seconds 😂



  • #34
    CiboC
    Registered Users, Registered Users 2, Paid Member Posts: 583 ✭✭✭CiboC


    https://www.boards.ie/discussion/comment/121366539#Comment_121366539

    If the total you have received in gifts and inheritances exceeds 80% of the relevant group threshold (for parents 335k) you must file an IT38 return. Remember the threshold is a lifetime limit - if you receive an inheritance less than 335k, but that amount brings you over an aggregate amount of 268k (80% of 335k) for that group then you file a return.

    If you have not received anything in this group yet, and receive an inheritance that is less than 268k there is no requirement to file an IT38.



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