Thanks for your response.
In all cases above there will be no inheritance tax due and the inheritance is below the threshold, however there is CGT due as the property increased in value from the date of death to the sale date. Does the above apply to CGT?
Do you know if the CGT should be paid from the Estate or if each individual pays there share of the CGT allowing them to avail of the annual CGT exemption. If the CGT can be paid by the beneficiaries and one beneficiary fails to pay are the Executors liable ?
Thanks again
Nguyen
CAT is due on the balance between what the house was valued on day of death and the amount realized in the sale - what it eventually sold at i.e 225K. Estate expenses and so forth can be offset against this with the residue then distributed to beneficiaries.When you say the asset has increased in value from the date of death to the sale of the house I am not sure what you mean. Is the value of the house at time of death the value you gave to the probate office. The reason I ask is I am completing an Administration and a value of €155K was first got at the time of death but as it took approximately 2 years to process and the probate office asked for an update value which came in as €215K. that house then sold for €225K.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?