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Selling Inherited property

  • 22-04-2014 11:54am
    #1
    Registered Users, Registered Users 2 Posts: 12


    Does anyone out there know the answer to this? I inherited a property from my late mother along with my sister and brother. My brother has no interest in the property and my sister and I are thinking of buying him out. We are individually under the threshold for inheritance tax. We've had the place valued by three different estate agents and they all came back with roughly the same value of approx. €180k. He owes the estate €37k which we are only going to see if we sell the property now or buy him out and deduct what he owes. If we buy him out and we sell the property some years later what are the implications as far as tax is concerned? Do we have to pay capital gains tax on the whole amount we get or just the share which we bought from our brother? Thanks


Comments

  • Registered Users, Registered Users 2 Posts: 9,798 Mr. Incognito
    ✭✭✭


    Oh dear Lord.

    Please please do not rely on internet forums for advice on this.

    Firstly you are mixing up inheritence tax and capital gains tax.

    There are so many questions such as has the grant of probate issued, what did they will say. Testate or intestate, who is the executor of the estate. How does he owe the estate etc.

    Go see a solicitor. Read the charter


This discussion has been closed.
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