I have been left half of a house from my Uncle and the other half of the house has been left to my Mother. My Mother wants to gift me the other half of the house left to me after probate so that I can sell it to buy another house without a mortgage.
I read that if my mother (B) receives a gift or inheritance from (A) and then gifts it to me (C) within 3 years then the gift is deemed to have been from A to C. Does that still apply if inheritance tax has been paid?
Questions:
1. Does the fact that inheritance tax is paid on the house mean that my mother can just gift me the the other half of the house to me immediately without gift tax due. (i.e. Does the 3 years rule apply after already paying inheritance tax?)
2. Can we sell the house jointly owned and then transfer the cash from the sale from my mother to me. Would that be classed as the same gift/inheritance?
3. Can my mother and I buy another house together from the proceeds? So she can transfer ownership of the new house to me in 3 years time as a gift?
Any help or advice appreciated
I read that if my mother (B) receives a gift or inheritance from (A) and then gifts it to me (C) within 3 years then the gift is deemed to have been from A to C. Does that still apply if inheritance tax has been paid?
Questions:
1. Does the fact that inheritance tax is paid on the house mean that my mother can just gift me the the other half of the house to me immediately without gift tax due. (i.e. Does the 3 years rule apply after already paying inheritance tax?)
2. Can we sell the house jointly owned and then transfer the cash from the sale from my mother to me. Would that be classed as the same gift/inheritance?
3. Can my mother and I buy another house together from the proceeds? So she can transfer ownership of the new house to me in 3 years time as a gift?
Any help or advice appreciated
