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Deferral of Inheritance Tax Question

  • 07-06-2021 7:32pm
    #1
    eternalblame
    Registered Users Posts: 25 ✭


    When exactly is inheritance tax due to be paid on an inherited property?

    Is there any leeway given by the Revenue in cases where property needs to be sold to pay the tax and one or other inheritees are unwilling to sell ? If it went to court it could take ages to resolve ?


Comments

  • #2
    Atlantic Dawn
    Registered Users Posts: 81,068 ✭✭✭✭Atlantic Dawn
    M


    The tax will not be due until ownership of the property or funds transfers to those who will be inheriting it. In your example the other inheritees unwilling to sell the property would need to buy out those others who had a share and wished to sell.


  • #3
    eternalblame
    Registered Users Posts: 25 ✭eternalblame


    Atlantic Dawn wrote: »
    The tax will not be due until ownership of the property or funds transfers to those who will be inheriting it. In your example the other inheritees unwilling to sell the property would need to buy out those others who had a share and wished to sell.


    What would happen if the other parties were not in a position to buy out the others share, but remained unwilling to sell either.


  • #4
    Atlantic Dawn
    Registered Users Posts: 81,068 ✭✭✭✭Atlantic Dawn
    M


    eternalblame wrote: »
    What would happen if the other parties were not in a position to buy out the others share, but remained unwilling to sell either.

    Then house would be sold to the open market and price achieved split between each person.


  • #5
    endlessnight
    Registered Users Posts: 1 ✭endlessnight


    I have seen a similar situation where a house was inherited and one of the inheritees is living in the house and refused to sell up, or buy out the other party.
    Their angle is "well we can go to court but as i live here, this is now my family home and I wont be turfed out, that doesnt happen in Ireland"

    I believe the case is ongoing, but shows what you can be up against in this country


  • #6
    eternalblame
    Registered Users Posts: 25 ✭eternalblame


    endlessnight wrote: »
    I have seen a similar situation where a house was inherited and one of the inheritees is living in the house and refused to sell up, or buy out the other party.
    Their angle is "well we can go to court but as i live here, this is now my family home and I wont be turfed out, that doesnt happen in Ireland"

    I believe the case is ongoing, but shows what you can be up against in this country


    Thats pretty shocking. I guess thats what the courts are for. Maybe some people take the gamble that others wont want the expense to take it that far


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