Beware of the cost of inheriting property

Wem das nötige Geld zum Erwerb der eigenen vier Wände fehlt, ist vielleicht froh darüber, eine Immobilie zu erben – wenn sich nur so der Traum vom Eigenheim erfüllen kann. Doch dieser Traum kann auch teuer werden. Nicht nur kann eine Hypothek auf der Immobilie liegen. Auch Erbschaftsteuer kann eine Belastung sein, wenn der Wert der Immobilie den Steuerfreibetrag übersteigt.

When property is inherited, it is fundamentally subject to inheritance tax. However, different levels of tax obligations apply depending on the degree of kinship. If the value of the property does not exceed the tax-free allowance and if the property is to be owner-occupied, it is generally the rule that no inheritance tax must be paid. Spouses and children are also exempt from the tax if they use the property themselves for a minimum of 10 years. However, the property must be valued by a professional estate agent to establish its worth and thus whether it exceeds the tax-free allowance.

How is the level of inheritance tax calculated?

Nehmen wir ein Beispiel: Sie haben die Immobilie von Ihrem Onkel geerbt. Als Neffe liegt Ihr Steuerfreibetrag bei 20.000 Euro. Da ein Profi-Makler immer die aktuelle Lage am Immobilienmarkt berücksichtigt, haben Sie von ihm den Wert der Immobilie ermitteln lassen. Sie ist 270.000 Euro wert. Abzüglich Ihres Steuerfreibetrages müssen Sie 250.000 Euro versteuern. Die Erbschaftsteuer liegt für Neffen bei 25 Prozent. Das bedeutet also, dass Sie 62.500 Euro Erbschaftsteuer zahlen müssen.

Are there any co-heirs?

You might not be the sole heir to the property. In this case, you are part of a “community of heirs” and must share the inheritance with your co-heirs. You have to come to an agreement with them. If you wish to keep the property, you will generally have to buy out your co-heirs. Let us assume there are two other heirs; in this case, you and your two fellow co-heirs are each due a third of the property. In order to know how much a third is worth, it is once more recommended to have the property valued by an expert. If we stay with our example of a property worth 270,000 euros, then you must pay each of your two co-heirs 90,000 euros to become sole owner of the property.

Beware of mortgages

Even if you don’t have to pay any inheritance tax, you may be faced with hidden costs in the form of a mortgage you are unaware of. In this case, you inherit not only the property but also the debt to the bank. It might also be the case that the property has not yet been fully paid off. In this instance, you also become responsible for paying the outstanding debt.

Are you uncertain what to do with your inherited property? Get in touch with us! We are happy to advise you.

Didn’t find the answer here? Then please read here:

https://www.bundesfinanzministerium.de/Web/DE/Themen/Steuern/Steuerarten/Erbschaft_und_Schenkungsteuer/erbschaft_schenkungsteuer.html

https://www.steuerklassen.com/erbschaftssteuer/

https://de.wikipedia.org/wiki/Erbschaftsteuer_in_Deutschland

 

Disclaimer: This article does not constitute tax or legal advice in individual cases. Please consult a solicitor and/or accountant to clarify the circumstances of your specific case.

Photo: © aruba2000/Depositphotos.com

Bewerten Sie jetzt Ihre Immobilie!

Kostenfrei | Unverbindlich

The purchase contract for your property – making it all go smoothly

There are a number of things to consider when completing a property transaction. If you're thinking about the purchase contract, you've probably already gone through the negotiations and are on the verge of [...]

Read more

Checklist for selling your home

If you want to sell your property in the best possible time and at the best possible price, you have to think of many things. Not only the documents are important, but also the preparations for the property sale should not be underestimated. To help you with these [...]

Read more

Liquidating your property for a lump-sum pension payment – while still getting to reside in your home

Many property owners would love to be able to carry on living in their property into old age. One complicating factor is that, for many, the state pension is barely enough to live on. If they then also haven’t yet fully repaid their mortgage

Read more

OUR TEAM

with passion for service

Michael Bautz

Office ADEN IMMOBILIEN
Berlin Friedrichshain

+49 30 29 77 87 80 michael.bautz@aden-immo.com

Isabelle Goncalves

Office ADEN IMMOBILIEN
Berlin Wilmersdorf

+49 30 887 024 07 isabelle.goncalves@aden-immo.com

Lars Drewes

Office ADEN IMMOBILIEN
Berlin Wilmersdorf

+49 30 23 633 533 lars.drewes@aden-immo.com

Robina Henicke

Office ADEN IMMOBILIEN
Berlin Friedrichshain

+49 30 29 77 87 80 robina.henicke@aden-immo.com

Florence Holz

Office ADEN IMMOBILIER
Paris Courcelles

+33 1 56 33 70 70 florence.holz@aden-immo.com

Annabel Huard

Office ADEN IMMOBILIEN
Berlin Friedrichshain

+49 30 29 77 87 80 annabel.huard@aden-immo.com

Udo Lewin

Office ADEN INVEST
Berlin Wilmersdorf

+49 30 23 633 533 udo.lewin@aden-immo.com

Olivier Montero

Office ADEN IMMOBILIEN
Berlin Friedrichshain

+49 30 29 77 87 80 olivier.montero@aden-immo.com

David Nguyen

Office ADEN IMMOBILIER
Paris Courcelles

+33 1 56 33 70 70 david.nguyen@aden-immo.com

Hélène Salvanes

Office ADEN IMMOBILIEN
Berlin Wilmersdorf

+49 30 88 70 24 08 helene.salvanes@aden-immo.com
Porträt Arnaud Schott_quadratisch

Arnaud Schott

Office ADEN INVEST
Berlin Wilmersdorf

+49 30 23 633 533 arnaud.schott@aden-invest.com

Cihan Selmo

Office ADEN IMMOBILIEN
Berlin Charlottenburg

+49 30 220 66 11 77 cihan.selmo@aden-immo.com

Ulrike Siebert

Office ADEN IMMOBILIEN
Berlin Wilmersdorf

+49 30 88 70 24 08 ulrike.siebert@aden-immo.com

Jeannette Zentel-Schertlin

Office ADEN IMMOBILIEN
Berlin Charlottenburg

+49 30 220 66 11 77 jeannette.zentel-schertlin@aden-immo.com