Will I occur any taxation?

IndridCold · 25-03-2016 01:25PM #1

I apologize in advance I am not entirely sure where to post this but anyway I have been living in my house for the last 40 years (it has been and is my only residence) and my parents who are now deceased lived with me and they gave the home in their will to all of us (there are four children including me) and my siblings agreed to hand over their share of the home to me for nothing but my question is will any of my siblings including me occur any taxation as a result of this?

Kind Regards

Lockedout2 · 25-03-2016 02:08PM

You need to talk to your solicitor.

Check out dwelling house exemption

.revenue.ie/en/tax/cat/leaflets/cat10.html

IndridCold · 25-03-2016 02:33PM

Will do. Thank you very much. Do all those conditions have to be met for the dwelling house exemption?

adrianw · 26-03-2016 05:57PM

Your siblings may have a CGT liability if the value of the property is higher now than it was at the date you became beneficially entitled to the property (most likely the date your second parent passed away).

Pawwed Rig · 29-03-2016 07:54AM

Talk to a tax advisor rather than a solicitor. With respect it is ridiculous to ask this here as there are so many variables I could not even begin to give you an answer.

Will I occur any taxation?

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