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Inheritance tax question

  • 05-07-2020 1:39pm
    #1
    Howard the Duck
    Registered Users, Registered Users 2 Posts: 1,289 ✭✭✭


    Hi, I am hoping someone can help me. This is more of a general question but I haven't been able to find the answer online.

    My sibling received a gift of land and a house from our parents worth 100k about 8 years ago.

    Now I am to receive a house from them worth 320k, my question is does the first gift of 100k mean that the gift limit has been reached already so I would receive 220 and have to pay tax on the other 100k?

    I'm not sure if I am explaining this very clearly.


Comments

  • #2
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,582 ✭✭✭✭Calahonda52


    The threshold is yours, not a limit on your parents.

    “I can’t pay my staff or mortgage with instagram likes”.



  • #3
    y0ssar1an22
    Registered Users, Registered Users 2 Posts: 17,243 ✭✭✭✭y0ssar1an22


    as said above, the threshold is yours. as it gift exceeds 80% of the threshold, you will need to file an IT38 form:

    https://www.revenue.ie/en/gains-gifts-and-inheritance/documents/form-it38s.pdf

    also make sure you have the property valued by a 3rd party as it is between connected parties revenue are more likely to ask for documentation.


  • #4
    Howard the Duck
    Registered Users, Registered Users 2 Posts: 1,289 ✭✭✭Howard the Duck


    Thanks for the replies very helpful.


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