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Do I get a tax bill if I sell farmland and a house my mother left me?

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Q I recently inherited the family home – and about 25 acres of adjacent land – from my mother. I have lived with her in the home for the past five years as her health has deteriorated and she required care. She has been a widow for many years. My father was a farmer before he died and he farmed the ten acres of land surrounding the house – but it has not been farmed since his death. I want to sell the house I inherited from my mother in time. Am I eligible for an estate tax exemption from home ownership tax if I were to sell the house and adjacent property in the coming years? Does the home tax exemption extend to the ten acres of land surrounding the house, and if not, is there a way to limit the tax burden that might arise when selling that land? Also, could there be other tax implications for me (e.g. capital gains tax) if I sell the family home and adjacent land? Marie, Co. Tipperary

A First of all my condolences on your loss. These are delicate matters to negotiate in grief.

https://www.independent.ie/business/farming/legal-advice/will-i-be-left-withtax-bill-if-i-sellfarmland-and-homeleft-to-me-bymum-41494251.html Do I get a tax bill if I sell farmland and a house my mother left me?

Fry Electronics Team

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