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Morning, Question on Inheritance tax. My father passed away Without a will some 22 years ago. His mortgage on the house is in both my Moms and Dad's name. My mom gets widows assistance on the mortgage and pays a little on it herself. The mortgage balance is about 110k ...Value of house is 850K. How will the inheritance tax effect her or US . Thanks, Sxxxx.
Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
Did your father leave any other assets?
Morning Clare....Why are you NOT answering my question? Final request for a answer. Thanks, Sxxx.
My apologies for the delay
There was no IHT payable when your father dies as all his estate passed to you mother
Since your father had no assets and his share of the house passed to your mother, then when your mother dies you will be able to claim your father's unused nil rate band as well as your mothers making a total allowance of £650,000 (at todays rates)
You will also be able to claim the new main residence nil rate band
I hope that this is of assistance - please ask if you need further details
If you cut and paste the link it will tell you about the new IHT tax relief on residences
It does not matter that you did not obtain Probate for your father's estate
Yes that would mean an IHT bill in the region of £20,000 or so
Of course you can - the IHT is paid before the estate is distributed