Beneficiary Threshold of E335,000

Hopefull

Hopefull

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Which Revenue form is used when one wishes to reduce their tax liability by claiming the beneficiary threshold of e335000 following the sale of a house they inherited? Also, what supporting documents would the beneficiary require to present to Revenue when completing the correct form. This house was not purchased by me and sold at a profit so there was no chargeable gain, the house was my old family home which was assigned to me by a parent. Some people tell me i should complete CG1, others say IT38, i would like to know which is the correct form to use.
 
When did all this happen?

What do you mean by "the house was assigned to me" - was this a gift, an inheritence?

There is no way to use the inheritance tax threshhold to reduce the Capital Gains Tax due on the sale of an asset - the two are completely different taxes
 
If order to help you, can you tell us

When did you get the gift / inheritance and how much was is worth ?
When did you sell and how much was it worth ?
 
What do you mean by "assigned to me" - I presume you mean it was inherited - from whom was it inherited?

What value was given to the property at the time?
 
The inheritance tax system was different in 1971. I assume if the property was not their PPR they would need to pay CGT on the value between 1971 and now. Who knows if inheritance was paid or due to be paid, easiest thing is to assume it was. A one stage you could apply inflation into CGT calculations. In any event the OP should look for the advice of a competent accountant with experience in this area.
 
Yes, that's a good idea.
There is not enough information given here to attempt an answer as to how much CGT is due
 
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