Inherited House: CAT plus CGT also?

[mandelbrot]

Your post is neither helpful nor clever. Pedantism like that gives advisors a bad name. The poster wants to know whether CGT will arise on the sale of a residence that he/she has lived in throughout the period that he/she has owned the property. I very much doubt that he/she cares how precisely the relief operates. But you couldn't let it go, could you?

Ah lighten up lads (and to make it even funnier, jpd's explanation of the relief is actually incorrect anyway!)

 

[T McGibney]

If you moved into the property straight away, lived in it for a year and then sold it for (say) €100k more, that gain would clearly be attributable to a period when the property was your principal private residence. Logically, it would be perverse to seek to impose CGT.

Maybe, but perhaps not so perverse for Revenue to seek to impose additional CAT on an alleged underdeclaration of the value of the inherited property, given the sharp rise in its value within the following 12 months?

 

[Bateman]

Maybe, but perhaps not so perverse for Revenue to seek to impose additional CAT on an alleged underdeclaration of the value of the inherited property, given the sharp rise in its value within the following 12 months?

They'd probably try, but with robust valuations I'd be confident of defending against any such argument.

The market value point has already been made repeatedly.