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Complicated one, Dwelling House Exemption Scenario

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  • 09-03-2019 11:17pm
    #1
    Bluebayou
    Registered Users Posts: 9 ✭


    Hi all,

    Take this scenario, two siblings left in their aunts will, will consists of house and cash, cash at 400k, house worth 600k, will states 50/50 split, sibling one is eligible for dwelling house relief having lived in house for five years, how could this be split 50/50 with one getting the relief on house and the other not? Sibling one wants to remain in house while sibling 2 wants cash, how can they make it 50/50?


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    #2
    Happy4all
    Closed Accounts Posts: 2,089 ✭✭✭Happy4all


    Bluebayou wrote: »
    Hi all,

    Take this scenario, two siblings left in their aunts will, will consists of house and cash, cash at 400k, house worth 600k, will states 50/50 split, sibling one is eligible for dwelling house relief having lived in house for five years, how could this be split 50/50 with one getting the relief on house and the other not? Sibling one wants to remain in house while sibling 2 wants cash, how can they make it 50/50?

    Pretty sure Sibling Onecan take the house and gets full dwelling house relief & pass cash to two


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    #3
    Happy4all
    Closed Accounts Posts: 2,089 ✭✭✭Happy4all


    too tired tonight but will look at rules in morning and post if no one clarifies in the meantime


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    #4
    Bluebayou
    Registered Users Posts: 9 ✭Bluebayou


    Happy4all wrote: »
    Pretty sure Sibling Onecan take the house and gets full dwelling house relief & pass cash to two

    Do you know in figures how would that breakdown as the house is worth more than the cash assets? Just cannot get my head around it


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    #5
    the_syco
    Registered Users Posts: 37,295 ✭✭✭✭the_syco


    Bluebayou wrote: »
    cash at 400k, house worth 600k, will states 50/50 split
    Could one take the cash and the other gets a 200k mortgage?


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    #6
    Bluebayou
    Registered Users Posts: 9 ✭Bluebayou


    the_syco wrote: »
    Could one take the cash and the other gets a 200k mortgage?

    Thank you for reply, so you mean the one who gets house gets a 200k mortgage to buy out the others share of house?


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  • Options
    #7
    Bluebayou
    Registered Users Posts: 9 ✭Bluebayou


    Any further thoughts on this folks?


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    #8
    Calahonda52
    Registered Users Posts: 12,194 ✭✭✭✭Calahonda52


    Bluebayou wrote: »
    Any further thoughts on this folks?

    what is the dwelling house relief worth?

    the house sibling can come to an agreement that she owes the cash sibling 100k, as a loan, repayable on sale of the house, or some similar arrangement, where cash sibling cannot force sale of house

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



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    #9
    scheister
    Registered Users Posts: 1,299 ✭✭✭scheister


    Could sibling 2 disclaim their interest in the house for a payment of 200k. House goes fully to sibling one

    Cash is split 200k to each and sibling 1 uses his 200k to meet the condition to get the house.


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    #10
    Calahonda52
    Registered Users Posts: 12,194 ✭✭✭✭Calahonda52


    scheister wrote: »
    Could sibling 2 disclaim their interest in the house for a payment of 200k. House goes fully to sibling one

    Cash is split 200k to each and sibling 1 uses his 200k to meet the condition to get the house.

    disclaiming will leave asset in estate, the 200k would be a gift

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



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    #11
    scheister
    Registered Users Posts: 1,299 ✭✭✭scheister


    Calahonda52 wrote: »
    disclaiming will leave asset in estate, the 200k would be a gift

    There is a way it can be done. think sibling two has to disclaim current and future interest in the house from this will. If sibling one is the only person left to get estate full house goes to him


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