CAT on inherited property

[fistophobia]

Any advice on this mess would be welcomed;

Family member dies intestate, only asset is a house. No children, no will, no deeds, nothing to work with.

Died 5 years ago - is the CAT valued at date of death, or at today's market value. Obviously there is a huge difference. How can we value a property from 5 years ago, and its a wreck, so neighbouring house values for the property register are not helpful. This could end up being a big argument with Revenue.

Thanks,

 

[T McGibney]

This rests totally on the concept of the [broken link removed] and how it is applied in this situation. This will depend on the facts of the situation including the usage of the asset on and after the date of death, whether the deceased owner made a will and the terms of that will.

You need specific professional advice.

 

[john luc]

revenue will accept a qualified auctioneers valuation. they will be able to give you a written valuation for the date of death value nd also a value for the current date. if you sell the property now then that's your current value. the date of death value is for probate and as you say they are interstate then the rules of the pecking order for inheriting the house will apply. those who or whom inherit will apply any allowances to this and if the house gets sold then the value added to the probate value is CGT, capital gains tax.

 

[john luc]

you need the deeds to complete the transaction. check with the banks if it was once mortgaged and also solicitors they would have done business with. failing that you will have to get them re done up.