Inherited house gifted?

A

Anonxxx

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My husband's father had his family home left to him. He doesn't want to sell it but won't be moving into it either as it needs refurbishment. My father in law would give it to us and we would have to get a mortgage out to do it up. How would this work? I'm assuming he can't just give it to us... would we have to buy it off him? Just trying to see would it be worth it .Any information would be greatly appreciated
 
Of course he can just give/gift it to you!

You may have to pay Gift tax/CAT on it - the tax would be based on the market value of the gift. A parent can gift a child € 280,000 before any tax is due. The balance over € 280,000 is taxed at 33%
 
House is probably worth 100-150k. Would my father in law get caught for anything tax\money wise because it was an inherited house he isn't living in?
Thanks for the reply jpd
 
No. He could have been liable for tax on his inheritance of the house, but he can dispose of it as he wishes.

If the market value when he disposes/gifts it is higher/lower than the market value when he inherited it, then he may have have a capital gain/loss on the disposal. if it's a gain, then that would be taxable
 
A note that the gift can be all to your husband and as he is allowed CAT A allowance of €280,000 then no tax apply. If you were to take any part of this house as a gift then CAT C applies to you. A further allowance of €3000 per calender year is allowed by each of you. This can be helpful in maximise the use of available allowances for tax purposes
 
When did your father in law inherit the property and what was its value?

What is the value now?
 
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