Inheriting a house

M

Mary May

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Hi everyone,
I am currently not living in Ireland and I will inherit half of a house (other half goes to my sister). I think the house is valued around 400,000. Is it better to buy my sister's half of the house or sell it? My sister doesn't want it. What are the tax Implications of this? Is there a different rate if you are not living in the country? Thanks so much for your help, I'm a bit lost with all this.
 
Inheritance tax may or may not be due on your share of the inheritance - € 200,000
That will depend on who you are inheriting from and on previous inheritances - as you have not said this, I can not answer this question in any detail

If you sell the house, or rather your half of the house, then any increase in the value from the date of inheritance to the date of sale may be taxable

If you buy your sister's half, and rent it out, any rents are taxable
 
You should sell it.

It is very difficult being a landlord in Ireland. It is even more difficult trying to manage things remotely.

The amount of Capital Acquisitions Tax you pay on the inheritance will depend on who you are inheriting the house from and whether you have received any other gifts or inheritances from them.

Brendan
 
I must agree with Brendan. Leave emotion out of it. Its an asset and must be dealt with as any other asset. You live abroad and can do much better with your time and money than try to manage a rental in Ireland!
 
If you are inheriting from your parents the threshold is 335K. . I would agree that it should be sold - being a landlord can be very difficult.
 
You cannot do anything without the consent of your sister. The house will first have to be put in both names. That is the inheritance part sorted. If the inheritance is from your parent and you have not had other inheritances you will be below the tax threshold.
Once you agree to sell, and sell, there may be Capital Gains due depending on the sale price difference from the value declared for Probate
 
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