selling recently inherited house.

I

iggy

Guest
A friend of mine has recently inherited her family home. She was the only one living in it with her parents (she lived there all her life) and looked after her ageing parents. Unfortunately they have both passed on but they left her the house.
She didn`t have to pay any tax on the inheritance as it was under the treshold limit.
She is finding it hard to maintain it as she is not employed at present and was wondering if she sold it and bought an apartment instead would she be liable to pay some kind of tax on the transaction..i.e CGT?
I told her I would ask some knowledgeable people I know..:eek:.
 
the exemption from CAT will be withdrawn and a clawback will be sufferred if the person does not reside in the house for six years beginning on the date of the gift( unless the person is over the age of 55 or the person has to leave the house to avail of long term medical care )
 
bronxbull said:
the exemption from CAT will be withdrawn and a clawback will be sufferred if the person does not reside in the house for six years beginning on the date of the gift( unless the person is over the age of 55 or the person has to leave the house to avail of long term medical care )
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This would certainly apply if the OP has claimed an exemption from CAT through S.86 CATCA'03 i.e. it has not formed part of their threshold amount at all and has no CAT implications (once one meets and keeps the conditions )

If exemption under S.86 was not specifically claimed and if the OP has in fact utilised part of their Group A threshold for this inheritance, ( as may be the case where the OP says "She didn`t have to pay any tax on the inheritance as it was under the treshold limit ") then I believe no such residence or retention requirement would apply. It is their PPR since acquisiton and they are free to dispose of it or replace it as they see fit with no Revenue implications.
 
Excellent point graham i took too simplistic a view on that one!
 
Thanks for all the replies.....and merry christmas to you all...:)
 
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