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Capital Gains Tax question

  • 13-05-2019 11:10pm
    #1
    CarolAnneK
    Registered Users Posts: 1 ✭


    Hi

    I would appreciate opinions/input on the following issue.

    I inherited land over 30 years ago and now want to sell it. I will, of course,have to pay CGT on this but I cannot work out a rough ballpark figure as to how much.

    So I have a question, how will the price of land back in 1987 be calculated? I have 20 acres to sell, not a huge amount in the grand scheme of things, but I would like know so I can make plans.

    Thanks very much

    Carol


Comments

  • #2
    greendom
    Registered Users, Registered Users 2 Posts: 16,382 ✭✭✭✭greendom


    I'm not an expert but I think its 33% of the profit less selling costs and a multiplier for inflation.


  • #3
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Hi Carol. Maybe you can track down the returns from when you inherited the land.

    If you say you inherited land worth 120k and you returned that to revenue on a capital acquisitions tax return back in 1987 anyone who says you actually inherited 80k worth of land will look a bit silly.

    An other option would be to approach a professional valuer to establish the value of the land at the time as inheritances occur at market value.

    Another option if you cannot establish a cost price for cgt would be to pay cgt on the whole price of the sale. Obviously this is not ideal as it involves paying 33% on the whole selling price but I've seen people do it.


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