Inherited property/s

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Pinoy adventure

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Hi all

If the person inherited an equal share with siblings in property and buy sibling’s out of estate what way would husband & wife hold shares in the property ??

Would it be 50/50 ?
Husband is funding the property purchase 100% without input from wife.

How would revenue view a transaction of putting property into joint names in respect of the portion of the properties inherited??


Thanks
 
Hi Pinoy

Are you talking about one or more properties?

If it's the family home, you may as well put it in both names.

If it's not the family home, then you probably should not involve your wife if you are paying for it in full.

Brendan
 
Brendan Burgess said:
Says who?
Click to expand...
not suggesting that it will happen in this case, but were the couple to divorce, all assets are considered as part of the 'pot'.

having an asset in one spouse's name doesn't mean its solely theirs.

there might be a good tax reason for having it in one name (IANATE); but it doesn't remove the asset from the 'pot' should they separate / divorce.
 
Brendan Burgess said:
Hi Pinoy

Are you talking about one or more properties?

If it's the family home, you may as well put it in both names.

If it's not the family home, then you probably should not involve your wife if you are paying for it in full.

Brendan
Click to expand...
It is 1 property.yes it’s the family home and it will be put into both names.
DannyBoyD said:
not suggesting that it will happen in this case, but were the couple to divorce, all assets are considered as part of the 'pot'.

having an asset in one spouse's name doesn't mean its solely theirs.

there might be a good tax reason for having it in one name (IANATE); but it doesn't remove the asset from the 'pot' should they separate / divorce.
Click to expand...
@DannyBoyD would it be 50% shares for both husband & wife ?

The reason it’s popped us is because husband has inherited a share of property but not the wife so technically wife would have no recourse on property but would be named on mortgage of balance & deeds.

Would there be any sort of taxes due if wife does become a shareholder in the property or would wife be automatically be entitled too 50% of the property?

Thanks
 
This from last year and year before. 5 siblings inherited the old family home in equal shares.

One sibling offered to buy the others' shares, and the offer was accepted.This is where we might diverge as the value of the property when divided by 5 didn't exceed any beneficiaries' CAT allowance.

I, as executor, instructed one solicitor, and sibling (& spouse) instructed another.

The transfer went smoothly and when closing time came the purchasing sibling's Solicitor forwarded 4/5ths of the consideration along with a letter previously agreed between the Solicitors outlining that the shortfall was the purchasing sibling's benefit from the sale.

IF I'm correct, (IANAL) the only tax due in terms of it being an inheritance would be payable by the OP if the value of the inheritance exceeds their personal allowance.
 
Zobeda said:
This from last year and year before. 5 siblings inherited the old family home in equal shares.

One sibling offered to buy the others' shares, and the offer was accepted.This is where we might diverge as the value of the property when divided by 5 didn't exceed any beneficiaries' CAT allowance.

I, as executor, instructed one solicitor, and sibling (& spouse) instructed another.

The transfer went smoothly and when closing time came the purchasing sibling's Solicitor forwarded 4/5ths of the consideration along with a letter previously agreed between the Solicitors outlining that the shortfall was the purchasing sibling's benefit from the sale.

IF I'm correct, (IANAL) the only tax due in terms of it being an inheritance would be payable by the OP if the value of the inheritance exceeds their personal allowance.
Click to expand...
@Zobeda would you have any idea if purchasing sibling needed advice from an accountant in the above scenario??

Did the purchasing sibling & spouse end up with a 50/50% of the property ?
 
Not that I'm aware of P A .

In their situation they sold their ppr in order to buy the old family home and do a major renovation and extension to make it their new ppr.

They're into their last few months of renting now as the project comes to a conclusion.

The fact that the spouse and sibling required a new mortgage made it an imperative I suppose that both their names are on all the docs. They won't own it outright for a few years yet.

At the end of the day the spouse was a stranger to the inheritance, except insofar as she's married to the beneficiary, but that didn't have any effect on their ability to jointly apply for their new mortgage and have the house transferred into both their names.
 
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