Anyone familiar with how ownership in foreign property is taxed.
My parents own an apartment in Ireland that will be willed to my sister and me. Mom is sole owner currently as dad passed away a few years ago. The apartment ownership will be split 50/50 and sister and I will have to agree to any future sales, changes, etc. My sister is a U.S. citizen but has lived in Ireland for 10+years. I'm here in Texas. The apartment is paid for.
Would I pay taxes on the value of the house once 50% ownership is given to me?
Do we pay zero tax until it is sold, if it is ever sold?
I'm sure I'll be liable to some Irish taxes on the home once I take ownership. I think they have a modest property tax, and there would be HOA fees, etc.
I'm heading over next week and wanted to start talking through this with my mom and sister so we have everything in order when the time comes.
My parents own an apartment in Ireland that will be willed to my sister and me. Mom is sole owner currently as dad passed away a few years ago. The apartment ownership will be split 50/50 and sister and I will have to agree to any future sales, changes, etc. My sister is a U.S. citizen but has lived in Ireland for 10+years. I'm here in Texas. The apartment is paid for.
Would I pay taxes on the value of the house once 50% ownership is given to me?
Do we pay zero tax until it is sold, if it is ever sold?
I'm sure I'll be liable to some Irish taxes on the home once I take ownership. I think they have a modest property tax, and there would be HOA fees, etc.
I'm heading over next week and wanted to start talking through this with my mom and sister so we have everything in order when the time comes.