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Exemption from gift tax or inheritance tax

Exemption from gift tax or inheritance tax

Exemption for Dwelling House

You will not have to pay Capital Acquisitions Tax (CAT) if you inherit a house and you qualify for the Dwelling House Exemption.

You will be exempt from CAT 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 on or after 25 December 2016, you will be exempt from CAT if:

  1. You are a dependent relative of the person making the gift because you are:
    1. permanently and totally incapacitated due to a physical or intellectual disability, and you are unable to earn a living
    2. 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.

Subject to qualifying criteria and conditions

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

 

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