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:
- the house was the only or main home of the person who died
- you lived in the house as your main home for the three years before the person’s death
- you do not own, have an interest or a share in any other house, including one you acquired as part of the same inheritance
- 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:
- 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
- the house was your main home for the previous three years
- you do not own, have an interest or a share in any other house
- 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