Hi
Lets say you receive a gift of a house and two months later the disponer passes away. Tax due not yet paid by either.
Has that house now become an inheritance?
To calculate the tax, do you calculate the CGT and CAT on the passing of the house as a gift? I assume stamp duty also applies?
Does it then turn into an inheritance (as gifted within 2 years) and the date the house was gifted becomes the valuation date? As stamp duty isnt payable on inheritances (correct?), do you receive a credit back or..?
FInal question...do you just recalculate the tax as just being an inheritance? very confused how to approach this.
Lets say you receive a gift of a house and two months later the disponer passes away. Tax due not yet paid by either.
Has that house now become an inheritance?
To calculate the tax, do you calculate the CGT and CAT on the passing of the house as a gift? I assume stamp duty also applies?
Does it then turn into an inheritance (as gifted within 2 years) and the date the house was gifted becomes the valuation date? As stamp duty isnt payable on inheritances (correct?), do you receive a credit back or..?
FInal question...do you just recalculate the tax as just being an inheritance? very confused how to approach this.