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What is inheritance tax?

What does deferred mean in relation to inheritance tax?

  • Someone I know who lives in the U.S. will be receiving money as part of an inheritance, following the death of a family member who was living in Ireland. The law firm in Ireland told him that the payment of Inheritance Tax had been deferred by the revenue commissioners. No mention was given of when and/or how much tax would need to be paid to the Irish government if at all.

  • Answer:

    Don't know. But the person receiving the inheritence doesn't pay it. The estate is liable for the tax and the net figure is shared by the beneficiaries

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http://www.globalpropertyguide.com/Europe/Ireland/Inheritance Deferred means it's still owed, but not being paid immediately. Keep in mind that the above link says the beneficiary pays the tax and really would do so before getting the money. On the US side, if the inheritance is more than $100K, be sure to file form 3520 to not the bequest. If this turns into a trust, the threshhold for the form is $12K.

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