Inheritance from uncle to nephew

[Robert Jones]

hey guys
my uncle left me a 1/4 of a house! yeah interesting right!
basically family home
my mother owns half, my uncle owned the other half
he left a 1/4 of his half to me and the other 1/4 to my sister
neither of us live in ireland and want to know how we can manage the tax on this

the house in south county dublin but is in a bad state of repair, ie would need to have windows replaced and modernised, i believe the last time we got it valued about 5 years ago it was worth 500k

my mother still lives there but neither myself or my sister can afford to pay tax on this property, let's say each of our share is worth 125k

so what are the options? my mother does not want to sell so we are stuck there!

 

[mf1]

You'll need to get proper advice about this.

Its an odd thing to do - leaving the house to you two. Was there any advice taken (a) when the house was bought ( unless it was the two siblings original family home?) or (b) when uncle making will?

There is the possibility of both of you disclaiming your inheritance - but an awful lot depends on where that would go - you cannot disclaim in favour of someone, it defaults back into the residue.

It might work - but you need proper advice

mf

 

[john luc]

As said above you can disclaim the inheritance and so the 1/2 share will be treated as if no will was made. Then the rules of intestacy apply. If your mother is the only living relative of your Uncle and he has no wife or legal partner or children then under the rules of intestacy it will pass to her and as she is living there she will not face any tax bill.

 

[Vanilla]

No, a disclaimer doesnt mean it goes by way of intestacy, it depends on how the will is worded. As mf1 said, proper advice needed here.