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Capital Gains Tax - Am I liable

  • 10-02-2018 8:15pm
    #1
    new2sat
    Registered Users, Registered Users 2 Posts: 52 ✭✭


    I inherited a house about 3 years ago and only had it transfered into my name in the middle of last year. The house was valued at 150K at time of death. I moved into the house about 2.5 years ago and I am thinking of selling. The value of the house has increased substantially (over 100%). Does anyone know if I would have to pay CGT on the profit if I sell?
    Tagged:


Comments

  • #2
    Lockedout2
    Registered Users, Registered Users 2 Posts: 402 ✭✭Lockedout2


    If you have a loss you can’t pay CGT.

    The date of death is irrelevant, it’s the value on the date probate was granted which counts so what was that value?

    If you have lived in the house since then PPR will exempt any gain.


  • #3
    new2sat
    Registered Users, Registered Users 2 Posts: 52 ✭✭new2sat


    Thanks for the reply. What is PPR?
    Probate was granted 8 months ago and the value is the same since then (Over 300K). The value of the house on death (150K) was used though for probate/inheritance tax purposes.


  • #4
    jimmycrackcorm
    Registered Users, Registered Users 2 Posts: 14,378 ✭✭✭✭jimmycrackcorm


    new2sat wrote:
    Thanks for the reply. What is PPR? Probate was granted 8 months ago and the value is the same since then (Over 300K). The value of the house on death (150K) was used though for probate/inheritance tax purposes.


    Principle private residence I.E your home.


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