Hi,
My sibling inherited our family home (they were the sole beneficiary, and I'm fine with that).
It has been a couple of years and they have decided to sell the property and just move on,
but they had a chat with me where they believed I should have inherited the home and they want to financially compensate me when the house is sold.
The property would probably fetch around €430K, they would need to get back €50K that it has cost them (all legit and accounted for) and then they would split the remainder with me (I didn't inherit anything, as it was just the property, location location location!)
so theoretically I could get €190K.
But I see major tax liabilities with this. I could be gifted €3K and not sure what the other is called but another €32.5K, leaving me with a tax liability of around €50K on the remained (@33% I think).
Just wondering if my sibling loaned me the money (interest free) to pay off most of my remaining mortgage (of around€200K), how could this work, would the loan have to be repaid
I just don't know. Any advise would be very welcome.
Thanks...
My sibling inherited our family home (they were the sole beneficiary, and I'm fine with that).
It has been a couple of years and they have decided to sell the property and just move on,
but they had a chat with me where they believed I should have inherited the home and they want to financially compensate me when the house is sold.
The property would probably fetch around €430K, they would need to get back €50K that it has cost them (all legit and accounted for) and then they would split the remainder with me (I didn't inherit anything, as it was just the property, location location location!)
so theoretically I could get €190K.
But I see major tax liabilities with this. I could be gifted €3K and not sure what the other is called but another €32.5K, leaving me with a tax liability of around €50K on the remained (@33% I think).
Just wondering if my sibling loaned me the money (interest free) to pay off most of my remaining mortgage (of around€200K), how could this work, would the loan have to be repaid
I just don't know. Any advise would be very welcome.
Thanks...
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