CGT on sale of Inherited house where it was used for B&B

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Bizzy

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Hi all,

I am executor along with one sibling to my mother's estate. Re sale of my mother's family home - purchased approx 1973 - mother died 2023. This was her PPR. For a period of approx 7 years she used the home as a B&B. There are 4 beneficiaries / siblings.

Q1 - is there a CGT liability on sale of the house by Executors as a result of the use as a B&B, or does the sale by the Executors benefit 100% from the Tax exemption for sale of the PPR irrespective of partial use as a B&B?

Q2 - Who sells the house a) Executors or b) transfer house to 4 beneficiaries and then 4 siblings sell house?

Many thanks,

Bizzy
 
Bizzy said:
is there a CGT liability on sale of the house by Executors as a result of the use as a B&B
Click to expand...

No.

There is no Capital Gains Tax on assets that are passed on death. The assets are treated as if the person who died got the assets at the same value they have on the date of death. If a personal representative disposes of the assets, they are responsible for any gains between the date of the person’s death and the date of disposal.

Duties of a personal representative

As the personal representative, you must carry out certain duties within a reasonable time
www.revenue.ie www.revenue.ie

 
Q2- it can be done either way but if it’s transferred to all 4 there will be more legal fees applied.
If executors sell it once probate is completed it would be less time consuming and more cheaper.
 
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