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CGT

  • 15-04-2010 6:04pm
    #1
    Carpenter
    Registered Users, Registered Users 2 Posts: 2,683 ✭✭✭


    Hello
    I got a house in a will and applied for and got favorite nephew .
    I am now selling the place so am I liable for cgt


Comments

  • #2
    Spanish Eyes
    Registered Users, Registered Users 2 Posts: 16,059 ✭✭✭✭Spanish Eyes


    If you were not living in the house as your principal residence since you inherited it, and if you sell it for more than the value at the time probate was taken out, then yes, you do have a liability to CGT.

    If you sell it for less than the value at the time probate was taken out, you will have made a loss, and won't have a liability. You should return it all the same, in case you make a gain on something else in the future, then you can offset the loss against that.

    If you were living there since you inherited it, then you're OK, as there is no CGT on the disposal of your principal residence.


  • #3
    Carpenter
    Registered Users, Registered Users 2 Posts: 2,683 ✭✭✭Carpenter


    Spanish Eyes wrote: »
    If you were not living in the house as your principal residence since you inherited it, and if you sell it for more than the value at the time probate was taken out, then yes, you do have a liability to CGT.

    If you sell it for less than the value at the time probate was taken out, you will have made a loss, and won't have a liability. You should return it all the same, in case you make a gain on something else in the future, then you can offset the loss against that.

    If you were living there since you inherited it, then you're OK, as there is no CGT on the disposal of your principal residence.

    Thank you
    Thats what I thought it will be sold for less than the value at the time of probate


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