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Tax payable on inherited property

  • 11-07-2018 9:47am
    #1
    DaveM1969
    Registered Users, Registered Users 2 Posts: 1 ✭


    Good morning all, I'm new to these boards so hope to find them useful and that I can contribute something too. I have a question. I've recently inherited a house and surrounding 0.7 acres of land from my deceased parent which I am now in the process of selling. Its original value came that was declared for the purposes of probate was a fair bit lower than the current amount being offered by the buyer. Will I have to pay CGT or any other tax on this due to the difference between the original value and the sale value. I'm not currently resident in Ireland so the house has been empty for a couple of years. Any advice would be greatly appreciated. Thanks Dave


Comments

  • #2
    MrFinance
    Registered Users, Registered Users 2 Posts: 53 ✭✭MrFinance


    DaveM1969 wrote: »
    Good morning all, I'm new to these boards so hope to find them useful and that I can contribute something too. I have a question. I've recently inherited a house and surrounding 0.7 acres of land from my deceased parent which I am now in the process of selling. Its original value came that was declared for the purposes of probate was a fair bit lower than the current amount being offered by the buyer. Will I have to pay CGT or any other tax on this due to the difference between the original value and the sale value. I'm not currently resident in Ireland so the house has been empty for a couple of years. Any advice would be greatly appreciated. Thanks Dave
    Hi Dave,
    Answer above is pretty vague.

    1. Have you previously inherited any property or been gifted money? In a situation where some of your relief has been used tax is liable on anything over the 330k threshold.
    2. If you inherited the property at X, for example 200,000, and you sell at approx 250,000. Then 50,000 is taxable at a rate at 33% (CGT). Approx 16,500.

    However, if you are looking for proper advice I would recommend speaking to a tax adviser.



    MrFinance


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