They are to me. They're asking where the money to pay the €30k debt should come from before the estate pays out to the beneficiaries, given that the estate comprises only property and land.Not really
OP here.
The nieces and nephews won't be liable to pay CAT unless they've previously received gifts or inheritances which bring them above the threshold.
Yes. One nephew gets the house and 1/7th share of the land. House valuation €160k. Land Valuation €70k, left to 7 nephews & nieces.Ah, okay, well then it's simple maths.
Question: is the one nephew due to inherit the house also included in the seven people due to inherit the land?
Nephew 1 gets 139,130 plus 8,695 cash = 147,825
The other six get 8,695 each or 52,170
Note, all of these amounts are before CAT, which is the responsibilty of the beneficiaries.
Their tax affairs are their business. Unless there is a specific and compelling reason why they can't attend to this themselves, you would be well advised to let them sort it out. You won't get much thanks from anyone if you get it wrong.Thank you very much Protocol for taking the time and trouble to calculate.
That is very helpful to establishing the figures to use on the IT Form to calculate the Inheritance Tax owed by each beneficiary. It is great to see it written down.
Many thanks.
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