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Date of inheritance? Upon death of parent or after probate?

  • 19-03-2014 4:19pm
    #1
    jr22
    Registered Users, Registered Users 2 Posts: 141 ✭✭


    ?
    Tagged:


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    For a specific bequest, it's based on the 'Date of death'. For cash it's 'Date of actual payment (not later than 1 year after death)' and for the residue it's 'not earlier than Grant of Probate'

    They are the rules for the 'Valuation Date' for the purposes of calculating Capital Acquistions Tax (CAT) on the inheritance so they are the values that will be used in the future to calculate liability for Capital Gains Tax when the asset is sold.

    See Part 08 here.. http://www.revenue.ie/en/about/foi/s16/templates/capital-acquisitions-tax/


  • #3
    jr22
    Registered Users, Registered Users 2 Posts: 141 ✭✭jr22


    ?


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    jr22 wrote: »
    In this specific case, the farm was split between all siblings as per the will.

    Did the farm get distributed as a residue or did the will explicitly say that it was to be divided amongst you and your siblings?


  • #5
    FreudianSlippers
    Registered Users, Registered Users 2 Posts: 20,397 ✭✭✭✭FreudianSlippers


    It's frustrating when OPs delete their OP.


This discussion has been closed.
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