Dwelling house – exemption

Dwelling house exemption

Where a person has been living in a house for three years prior to being gifted or inheritance of that house and stays there for a further six years,  an exemption from Gift Tax or Inheritance Tax may apply.

The person cannot have an interest in any other residential house.

In the case of a gift, this exemption will not apply if the person giving the gift lived in the house for the three year period before the gift, unless the person giving the gift was required, due to ill-health or infirmity, to depend on the services of the person getting the house for that period

Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie