Probate value of property

[fistophobia]

I inherited a property, its still not registered in my name with PRAI.
The probate value was returned as 600K.
I have it on sale right now, and I am only getting offers around 500K.
What value is Revenue going to use for CAT ?

 

[callybags]

How can you sell it if it's not registered in your name?

Maybe that is why you are getting low ball offers.

Where did the probate value come from, and is probate completed? If so, I'm not aware of any facility to get the value reduced.

 

[fistophobia]

Solicitor assured me it can be sold, based on pending status with PRAI.
I was really careful, getting 3 different valuations over last 6 months, for probate.
Probate is complete.
Low ball offers, because its a renovation project.. the worst house on a good road.

 

[mathepac]

Until the house is sold and realises its true value, everything else is just a "guesstimate"

 

[jpd]

If probate is complete, then the value for CAT is whatever was on the probate return. Has the IT38 form been filed?

If the property value falls, then that is just tough and you will probably have a capital loss which can be offset against future gains

Presumably, the value for probate was assessed properly