Transfer of property/gift tax

A

Avalon

Guest
When my father died he left the family home and farm to my older sister, giving my mother a life interest in them. My mother died a while ago and my sister now wants to transfer the family home into my name. I spoke to the Revenue Commissioners who tell me I'm liable to be taxed at 20% of the value of the property above the threshold of £46,000. They also tell me the only expense I can write off is the legal fees. The house needs a lot of work to make it liveable in, but I'm told this can't be offset against the tax bill. I own my own apartment and have not lived in the family home for years. Can anyone help reduce my tax bill?!
 
Don't know if this can be done now but if your sister were to revoke / give up her interest in the house, (can't remember the legal terminology) you may be able to claim the full parent to child treshold of approc 460,000. Talk to a solicitor. As I said it may be to late, I know it can be difficult to talk about such matters but it probably should have been sorted out prior to final probate of your fathers estate.
Maybe others with a legal hat might be able to give some advise here.
 
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