Inheritance tax

R

rafabenitez

Guest
Grandmother inherited a house valued at 95k. Inheritance tax was calculated based on value of house. She decided to pay the tax to get it out of the way.

Anyway, a year on and house is still on market, she has been offered 60,000.

My question is if she sells at this price is she entitled to a tax refund as the tax money she paid was based on a valuation rather than realistic selling price?
 
Unfortunately, no. But she will have a capital loss of (60,000 - 95,000) = 35,000 to carry forward which can be used to offset any future capital gains on shares, property, etc

She could try to have the probate value re-assessed as a drop from 95k to 60k in 2011 seems rather excessive. Was there a professional valuation for probate?
 
You must log in or register to reply here.
Back
Top