Exemption from gift tax or inheritance tax

Exemption from gift tax or inheritance tax

You will be exempt from inheritance tax on a house you inherit if:

1. the house was the only or main home of the person who died
2. you lived in the house as your main home for the three years before the person’s death
3. you do not own, have an interest or a share in any other house, including one you acquired as part of the same inheritance
4. the house is your main home for six years after you receive the inheritance. This does not apply if you are over 65.

If you receive a gift of a house, you will be exempt from gift tax if:

1. you are a dependent relative of the person making the gift because you are permanently and totally incapacitated due to a physical or intellectual disability, and you are unable to earn a living or you are 65 years or older at the date of the gift
2. the house was your main home for the previous three years
3. you do not own, have an interest or a share in any other house
4. the house is your main home for six years after you receive it. This does not apply if you are over 65.

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