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I have a question about inheritance tax. I was left a house

I have a question about...

I have a question about inheritance tax. I was left a house from my uncle in 2008. The value of the house then was approx. 100000 euro. However I have not payed the inheritance tax for it yet. I have decided to put the house on the market now. The value of the property now is approx 40000 euro or less ( its a pretty old house ). The house was never lived in since my uncle died. Would I have to pay inheritance tax on 40000 euro ( what the property is worth now) or pay the inheritance tax on what it was originally worth??? What money would I expect to pay for inheritance tax now? Is there any loop holes for this situation that I can pay less or nothing at all.? I am probably not going to make any money on this property if I have to pay a big sum of money for inheritance tax or any other costs that I come across along the way

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Answered in 3 hours by:
1/9/2013
Buachaill
Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10,853
Experience: Barrister 17 years experience
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Buachaill :

1. At the outset, inheritance tax is paid by the estate at the time the property is transferred to the beneficiary. Accordingly, if you have received the house lawfully without paying any inheritance tax, then this is highly unusual. Secondly, you can lawfully inherit €36,600 from your uncle without paying tax. Additionally, you have a tax free allowance annually from CAT/Inheritance TAx, so taken together, you would not have any tax liability today if you sold the house for 40k. So unless you have further facts you wish to share with me, I do not see that you have a tax liability today when selling the house! So it appears you are anticipating a problem which does not exist!

Buachaill :

Please RATE the Answer positively so that I may get paid

Customer:

The house is left to me but has not been transferred to me by the solicitor. I have not paid the solicitor any money yet.

Customer:

The house is left to me but has not been transferred to me by the solicitor yet ( I have not paid any money to the them yet).

Customer:

The house is left to me but has not been transferred to me by the solicitor yet ( I have not paid any money to them yet). The value of the house is still 100000 euro but that was 4 years ago. So if I get the auctioneer to value the property at 40000 euro which is what it is worth now, then I will not have to pay any inheritance tax. Is this true. Please advise me.

Buachaill :

2. The solicitor will determine the Inheritance Tax liability before you will have the property transferred to you. In dealing with the solicitor, you should seek to have current property values applies owing to the large slump in the property market. So you should get yourself a valuation from an auctioneer and insist that this current 40k valuation is used, as it will determine your CAT (inheritance tax) liability.

Buachaill :

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Customer:

I am living and working in the Netherlands nearly 2 years now. Will this have any effect on what I pay for inheritance tax. I have not paid any Irish tax since January 2011. Should I inform the solicitor of this?

Buachaill :

4. You should inform the solicitor that you are resident in the Netherlands. However, this will not affect your liability to Irish Capital Acquisitions Tax, the inheritance tax you will pay, as the tax is strictly speaking payable by the estate of your uncle.

Buachaill :

Please RATE the Answer positively

Customer:

My questions are nearly finished and I will gladly pay then. So if I get the house valued now at 36600 or less and submit this to my solicitor I will not have to pay any inheritance tax to get the house transferred to me ( I might not sell the house for a few years anyways when i put it on the market). If I get the house valued at more than 36600 I will have to pay inheritance tax on that then to get the house transferred. Is this correct.?

Buachaill :

5. You should read my earlier replies closely as I am now repeating what I said earlier. As I mentioned in my earlier response, you are able to inherit €36,600 tax free from your uncle.

Buachaill :

Above this amount, you have a liability to inheritance tax

Buachaill :

Please RATE the answer positively as I have answered your Questions

Customer:

Ok thanks for your help

Buachaill
Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10,853
Experience: Barrister 17 years experience
Verified
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