My father inherited a house ~15 years ago from his uncle. We have been living in the house for a few years now and intend on buying it. The house in todays market is probably worth around 170,000. He is only looking 60,000. Are there any tax implications around this? I am married.
My understanding is:
If my parents gift the house to me it will be below the life time inheritance for band A limits (parent to child €335k).
Can I then pay off monthly (€1000) into some savings account or other. Or would some of this then be deemed taxable.
My understanding is:
If my parents gift the house to me it will be below the life time inheritance for band A limits (parent to child €335k).
Can I then pay off monthly (€1000) into some savings account or other. Or would some of this then be deemed taxable.