Inheritance of parents home...only child

Thanks again, Gordon

I'm not shooting the messenger here!

Like you say, an intermediate ground would be sensible but who knows?
 
I have been left family house from my Parent (lived in it all my life - no property interests myself)and my Solicitor has been dealing with everything like Probate and the Land registry. I advised them I am covered by the dwelling house exemption so they noted that on the forms sent to Revenue.

I got a letter in post saying I have to file an inheritance tax return and pay any arising tax liability.

Do you still have to file even though no money is due? I'm not registered for the Revenue On-Line Service (ROS).

Would my Solicitor do this return for me? I got a Form IT38S but I don't think i can use this and the questions I'm not even sure how to answer them.

Any advice appreciated.
 
Gordon Gekko said:
I could be wrong. If common sense prevails, a cap will be introduced (perhaps €1m or €500k).
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Am I correct in assuming that this indeed has gone the way of the dodo? If so, does it impact on wills already made but everyone still living?
 
theresa1 said:
I have been left family house from my Parent (lived in it all my life - no property interests myself)and my Solicitor has been dealing with everything like Probate and the Land registry. I advised them I am covered by the dwelling house exemption so they noted that on the forms sent to Revenue.

I got a letter in post saying I have to file an inheritance tax return and pay any arising tax liability.

Do you still have to file even though no money is due? I'm not registered for the Revenue On-Line Service (ROS).

Would my Solicitor do this return for me? I got a Form IT38S but I don't think i can use this and the questions I'm not even sure how to answer them.

Any advice appreciated.
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Hi theresa1. I understand that you have to file an IT38 and apply for the dwelling house exemption on that form on ROS. Even if there is no tax due you must file the IT38. You must apply for the exemption and Revenue must grant it before you can be exempt from the tax. You will have to register for ROS first as the online form is the only way you can apply for the dwelling house relief. The tax office in Dublin O'Connell St are very helpful if you have any problems. They have a phone helpline which operates mornings only and a public office if you are in Dublin. You should be able to get the contact details on www.revenue.ie
 
Gordon Gekko said:
I could be wrong. If common sense prevails, a cap will be introduced (perhaps €1m or €500k).
Click to expand...

Gordon, has any further information come to light on this. I have dome some googling and nothing has really been reported. Reason for asking is I am currently two years and one month living in a home owned by my parents. The reason for moving here was to avail of this relief.
 
Pugmister said:
Gordon, has any further information come to light on this. I have dome some googling and nothing has really been reported. Reason for asking is I am currently two years and one month living in a home owned by my parents. The reason for moving here was to avail of this relief.
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You're unlikely to hear anything concrete until budget day. In saying that, it might not happen until (for example) budget day next year, or the year after. 'Word on the street' is this relief is being abused and like any tax measures that are abused*, they tend to be closed off sooner or later.

*Corporation Tax avoidance need not apply.
 
rob oyle said:
You're unlikely to hear anything concrete until budget day. In saying that, it might not happen until (for example) budget day next year, or the year after. 'Word on the street' is this relief is being abused and like any tax measures that are abused*, they tend to be closed off sooner or later.

*Corporation Tax avoidance need not apply.
Click to expand...

I guess it's a case of fingers crossed so and hopefully the people who aren't abusing the current relief aren't effected as much as those who are
 
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