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Inheritance Tax

  • 29-10-2014 10:54am
    #1
    theenergy
    Registered Users, Registered Users 2 Posts: 163 ✭✭


    Case Study:

    Persons of no relation left property to the valuation of 200K to me.
    Solicitors fees approx 20K

    What will the inheritance tax be?


Comments

  • #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    theenergy wrote: »
    Case Study:

    Persons of no relation left property to the valuation of 200K to me.
    Solicitors fees approx 20K

    What will the inheritance tax be?

    http://www.revenue.ie/en/tax/cat/thresholds.html
    I reckon around €55,000


  • #3
    theenergy
    Registered Users, Registered Users 2 Posts: 163 ✭✭theenergy


    whats the maths on that??? please


  • #4
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    theenergy wrote: »
    whats the maths on that??? please

    (200,000-20,000-15,075)*33%=54,425.


  • #5
    theenergy
    Registered Users, Registered Users 2 Posts: 163 ✭✭theenergy


    thanks guys

    would it matter that im selling the property for 240K but have not yet filed it38?


  • #6
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    A little off topic. 20k solicitors fees seems high. Do you mind me asking in general what that covers?


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  • #7
    theenergy
    Registered Users, Registered Users 2 Posts: 163 ✭✭theenergy


    Kara Scary Dressmaker wrote: »
    A little off topic. 20k solicitors fees seems high. Do you mind me asking in general what that covers?

    sols fees where to write to a number of family members to see where they gona contest the will.

    excessive - yes!

    good point


  • #8
    theenergy
    Registered Users, Registered Users 2 Posts: 163 ✭✭theenergy


    guys

    just back on the above point

    if i sell the property for 220K am i also liable to cgt and how much approx?


  • #9
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    theenergy wrote: »
    sols fees where to write to a number of family members to see where they gona contest the will.

    excessive - yes!

    good point

    Look for a reduction. I know a family friend that ended up with a messy divorce and a bill for 55k. She said it was ridiculous and wanted a better price. A few days later they agreed on 35k. This was a major Dublin law firm. 20k seems way to much for an inheritance issue.


  • #10
    partyguinness
    Registered Users, Registered Users 2 Posts: 8,203 ✭✭✭partyguinness


    20k is outrageous. Was it a complicated estate?

    The legal fees come out of the estate before distribution. They should have been accounted for already leaving you with a clear inheritance figure.


  • #11
    Stationmaster
    Registered Users, Registered Users 2 Posts: 950 ✭✭✭Stationmaster


    theenergy wrote: »
    guys

    just back on the above point

    if i sell the property for 220K am i also liable to cgt and how much approx?

    As far as I am aware you would be liable to cgt. The 'cost' price of the property would be the value it was given when you inherited it so you would pay tax on the difference.


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