Inherited a house in Dublin and moving to a new house in Portlaoise

Hi All, your help is required, I have recently inherited a property in dublin value 650,000. I currently live in a home in portloaise value 270,000. I am moving to a new house in June value 405,000.

Here is my problem, I would dearly love to hang on to all three houses, the dublin house is mine and has death duties to be paid, the combined mortgage value on my current and new home will be 560,000, what is the best soloution in this situation.

I have no problem becoming a landlord.

I need to know the best way to handle the tax implcations in this situation and how best to carry them?

Any advice would be greatly appricated.

Re: How best to sort this one

Your equity on the Portlaoise property is only €125000....and is that really a valid amount given the dropping property prices?
Also unclear what your overall situation is but key factors would be:
- what will the tax be on the inheritated property (that will depend on your relationship to deceased and (i'm pretty sure, not an expert) whether you have been gifted or inherited before
- what your current salary is
- do you have a family (harder to justify stretching yourself too far if there is other responsibilities)
- how risk adverse you are

My gut feel, without other info, would be to consider holding on to new property and inhertited one, but thats based on the little info provided!

Re: How best to sort this one

Welcome to AAM, maddogdamo.

Although I'm sure you'll get lots of sensible advice here,
(a) you may need to provide a bit more information, and
(b) given the sums involved, you should really engage the services of an independent, professional advisor. It will pay you to do so.

Re: How best to sort this one

Sorry knew it was a little vague,

Dublin property is first inheritance, death duties roughly 50,000
Port property is my girlfriend and I first home value 270,000(genuine) mortgage 190,000
New property is 405,000 less 40,000 deposit.

If you need any other info let me know.

I think, from what I have read, I would be best to get a loan on the dublin house to fund my family home and rent the houses in port and dublin.

Does this sound like a plan.

You recomended professinal advice, where would you go?

Thanks for the big hello

Re: How best to sort this one

I think, from what I have read, I would be best to get a loan on the dublin house to fund my family home and rent the houses in port and dublin.

Click to expand...

Okay....maybe I need to revise (but as said above....get prof advise). I'm thinking Dublin property as generally Dublin holds value better than elsewhere, but times are changing.
If you add a loan to an investment property then you can only offset it as an expense if you use it to improve or buy that or another investment property....not your family home

Would you be able to live in Dublin home if area suits (forget new house) & keep Portlaoise (or is it too late...thinking about stamp duty)? What is the rental situation in the different areas? Get as many facts & figures togeather as you can and talk to a recommended accountant. The more you have going in, the more you get out of it.