Do I have to pay inheritance tax on my parents' house?

[@margarethennessey2583]

That’s so helpful

[@michaeldaviesspanishinheri3734]

Very informative . Thank you

[@DuaneJasper]

Well explained thanks

[@reducepricroryhrywtby]

We just under the limit but dad spent some before dying to reduce this for my brother and we sell next year Trying to declutter ourselves to save money If have to sell your deceased parents home have a timeline as prices rising Probate rising, conveyancing rising, funeral bills rising etc house clearance average 600 to 900 to clear parents house, depends on rooms, area, how many rooms, loft Cleared garage only 160 ? That was cheapest When people die massive phone bill as have to ring and talk Travel costs hotels, meetings to choose solicitors Take on parents pets decent thing to do Vet bills Still pay if deceased parents house or not unoccupied as high risk if empty house Insurance mains Home care,carer cheaper, try and avoid care homes if can ( convert home, carer average care fees 1200 a week) Or help elderly if can I did this and went job but very hard indeed Some don't sort out house for 3 to 6 years ( trauma, can't agree etc ) If some houses shoots up in price they will pay more, so imagine it in 40 years time?? Bear this in mind Love plays a part

[@kenlizzio7096]

My spouse is not a British citizen, I’m assuming that she is still entitled to IHT free inheritance up to the ceiling values. Is this correct ?

[@Nyny.1000]

Helpful thanks

[@mamad6927]

I need some help and at a loss. I would like to leave half my assets to my ESTRANGED grand daughter however I only know her 1st name. I don’t know how I’m able to do this without her name. Can you assist please? Very sad 😔

[@melgrant7404]

What if you are already living in the house you will inherit and want to stay living in it.

[@shelleycharlesworth5177]

My mortgage free house is in my trust. If I leave it to a friend, what about the property taxes? Will the taxes be increased?

[@enricobrik3074]

Let’s hope so. It’s an unearned gift.

[@pareshparmar5680]

Great video. Am I understanding this correctly, that both parents have 500K in tax (Inheriance) free allowance. If one parent dies, their 500K gets passed onto the spouse making this 1 million exempt from Inheritance tax? If this is not correct please let me know. Thank you.

[@Moneytothemasses]

Hi, you personal tax-free threshold can increase to £500k if you are passing on a home. HMRC states that: "If you leave the home to another person in your will, it counts towards the value of the estate. If you own your home (or a share in it) your tax-free threshold can increase to £500,000 if: - you leave it to your children (including adopted, foster or stepchildren) or grandchildren - your estate is worth less than £2 million" Married and civil partnership couples can inherit any unused part of their partner’s tax-free thresholds, so taking the theoretical maximum tax-free amount to £1m (but this assumes property is also being passed on) Also bear in mind that if an estate is over £2m in size the nil-rate band starts to be reduced. For more info see: www.gov.uk/inheritance-tax

[@AmbiNerd]

Hello, Hope you can answer this question. What if the estate is over the nil rate band (£325,000) but i am entitled to the Residence nil rate band which is an additional £175,000 (making a total of £500,000 threshold) ? Does that make the estate an excepted estate and not require IHT400 to be done? Or does just the 325,000 only apply?

[@Crimsonhaha]

Both grandads and grandmas can be combined to £650000

[@ilikecookies6406]

I'm single and so if i die, my £510k house and after mortage its £360k..if my parents or siblings get it, do they pay any tax? Their currently living in this house

[@roncouch]

Gifts? What sort of “gifts” would be considered to be taxable? And, if I elect to gift my, very ordinary, bicycle to my 14 year-old grandson, would his parents have to pay tax on it?

[@shahidaziz1]

how can i avoid inheritances tax on assets of £2 million

[@PersianDastaan]

Hire CFA To Guide You... Nothing Is Free...

[@mrmarkd69]

Do you pay IT if you don't sell property

[@Moneytothemasses]

HI, more information on the inheritance tax due on a property you inherit can be found in our article - moneytothemasses.com/tax/inheritance-tax/do-i-have-to-pay-inheritance-tax-on-my-parents-house