No CAT on inheritance - Is CGT return also required when asset later sold?

R

redstar

Registered User
Messages
678
I inherited my parents house in 2020.
I filed a CAT return for this in 2021 and no CAT was due , confirmed to me by Revenue, as the inheritance value was below the 335k threshold.

However i had not sold the house until July 2022. The sale price (317k) was slightly below the house value (325k) at the time of the inheritance.

So, there would be no gain to tax.

Do I need to submit a CGT return even though no CAT was due originally ?
 
As you made a small loss, the reported loss will be available against any gains you make in the future
 
Thanks guys.

Do i need to submit this using CG1 (paper form) or is there a CGT section on myAccount online? I can't see it.
(I'm a PAYE taxpayer)
I've not dealt with inheritance before so apologies for the silly questions!
 
redstar said:
Thanks guys.

Do i need to submit this using CG1 (paper form) or is there a CGT section on myAccount online? I can't see it.
(I'm a PAYE taxpayer)
I've not dealt with inheritance before so apologies for the silly questions!
Click to expand...
Form CG1 (paper form)

The 2022 version of this form won't be on Revenue.ie until the new year.
 
redstar said:
I inherited my parents house in 2020.
I filed a CAT return for this in 2021 and no CAT was due , confirmed to me by Revenue, as the inheritance value was below the 335k threshold.

However i had not sold the house until July 2022. The sale price (317k) was slightly below the house value (325k) at the time of the inheritance.
Click to expand...
House prices have only been going one way for the last few years. It appears you overvalued the property in 2020 but the overvaluation was still under the CAT threshold. Don't confuse the 'confirmed by revenue' with you correctly valuing the property

Its much more likely that you should have valued the property at €280-300k in 2020 and there should now be a capital gain on it
 
You must log in or register to reply here.
Back
Top