Any tax liability for sale of inherited house to sibling.

[Josey Wales]

Hi,

I would like to know if I would be liable to pay tax on the sale of a house.

My sister and I inherited a house four years ago. We went through the whole probate process and we were not liable for any CGT. Now we have decided that my sister will buy out my half of the house.

Is there any potential tax liability for myself?

Thanks.

 

[44brendan]

If the house is not your PDH (which appears to be the case) you would be liable for CGT on any rise in the sale price of the property since you inherited it. Outside of Dublin this is likely to be nil or very low. Establish what the probate valure of the house was and what you are now getting for your 50% interest.

 

[Josey Wales]

If the house is not your PDH (which appears to be the case) you would be liable for CGT on any rise in the sale price of the property since you inherited it. Outside of Dublin this is likely to be nil or very low. Establish what the probate valure of the house was and what you are now getting for your 50% interest.

Thanks for the quick response.