You seem confused here? Your query seems to be about CGT and not CAT as per the thread title?House was original valued on death at 300k. Grant of probate was issued and amount on it was 394k (assuming this is value of house + cash assets?)
Estate agent valued house now at 320k.
Does the extra 20k come out of the cash assets or how does that work?
There is no CGT in this situation. The relevant tax is CAT.Solicitor advised that house is now being transferred into child's name, and needs another valuation, for cgt purposes. Estate agent valued house now at 320k.
Date of valuation for tax purposes is complicated
You won't find a satisfactory link online. The Revenue.ie guidance on the subject is simplistic and misleading, probably deliberately.Anyone have the time to explain how this works or can provide an explanatory link?
I had similar situation with similar amounts. I rang tax office about this recently for clarity, and yes you are liable for CAT on the difference of probate value of house and sale value. Expenses are allowed against this, so conveyancing fee, estate agent fee, house clear out costs and bills to "keep" house between death of relevant person and the sale of house (heat, gas, water etc.). And cost of solicitor doing probate, if you went down that route. Possibly funeral bill also. All these add up, and are tax deductible. You may find you are left with little to pay CAT on.To answer the questions. House was valued after death for probate purposes at 300k. probate was granted on 17th Feb and solicitor advised that we needed another valuation and said it was for revenue. That was valued at 320k. House was willed to only child and he is the only beneficiary of this will.
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