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Capital Gains Tax Question

  • 05-07-2019 08:21PM
    #1
    John_Snow
    Banned (with Prison Access) Posts: 13 ✭


    Hi,

    Myself and my brother inherited the old family home recently and we were thinking of selling it soon and I dont know if we will have to pay capital gains tax?


Comments

  • #2
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    Neither do we.

    Seriously, if the selling price exceeds the value for inheritance tax purposes then there could be liability at 33% of the difference. There is an annual exemption of the first €1,270 in gains.

    Just wondering, never watched GOT. Should I ?


  • #3
    StringerBell
    Registered Users, Registered Users 2 Posts: 14,324 ✭✭✭✭StringerBell


    Depends on the market value upon acquisition/inheritance and how much you sell it for.

    Everybody is entitled to an annual exemption of €1,270 on CAT/CGT and it may or may not also qualify for indexation relief.

    Throw up the details there sure and I'll do up your Comp for you :D

    "People say ‘go with the flow’ but do you know what goes with the flow? Dead fish."



  • #4
    John_Snow
    Banned (with Prison Access) Posts: 13 ✭John_Snow


    Ah thanks.. 100k when inherited and probably 120k sale price, only inherited it 6 months ago,


  • #5
    Pkiernan
    Registered Users, Registered Users 2 Posts: 4,310 ✭✭✭Pkiernan


    About 6 grand tax between the 2 of you


  • #6
    John_Snow
    Banned (with Prison Access) Posts: 13 ✭John_Snow


    Would stamp duty come into play, sorry I'm clueless on this stuff.. :)


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  • #7
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    John_Snow wrote: »
    Would stamp duty come into play, sorry I'm clueless on this stuff.. :)

    No stamp duty on your inheritance. No stamp duty payable by you on sale. Buyer pays stamp duty if it applies to the transaction.


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