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CGT

  • 14-06-2021 03:44PM
    #1
    avud
    Registered Users, Registered Users 2 Posts: 133 ✭✭


    Looking for advice, im contemplating selling land that I inherited from my father to the forrestry. What would my position be regarding Capital gains tax in my situation. The land was inherited by me in 2000 at no cost but I don't have a valuation of it then.
    If it was valued at 20000 upon inheritance and I'm getting 50000 now I'd be liable for 30000 Cgt or would it be on the the full 50000.


Comments

  • #2
    wrangler
    Registered Users, Registered Users 2 Posts: 11,600 ✭✭✭✭wrangler


    avud wrote: »
    Looking for advice, im contemplating selling land that I inherited from my father to the forrestry. What would my position be regarding Capital gains tax in my situation. The land was inherited by me in 2000 at no cost but I don't have a valuation of it then.
    If it was valued at 20000 upon inheritance and I'm getting 50000 now I'd be liable for 30000 Cgt or would it be on the the full 50000.

    You'd only be liable for the CGT on the 30000


  • #3
    blue5000
    Moderators, Society & Culture Moderators Posts: 12,920 Mod ✭✭✭✭blue5000


    OP if you are over 55 now you might have none to pay

    https://www.revenue.ie/en/gains-gifts-and-inheritance/cgt-reliefs/disposal-of-a-business-or-farm.aspx

    If the seat's wet, sit on yer hat, a cool head is better than a wet ar5e.



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