Question asked:

0
0

Client passed away January 2019. Some Rental income has accumulated in an Estate bank account. Property value at date of death was €280K. Property sold for €275K last month. Questions: 1. Rental income has to be declared on Form 1 T&E’s (liable at 20%), correct? 2. Capital loss (circa. €5K) has to be declared on Form 1 T&E’s, correct? 3. Proceeds from sale of property + rental income to be distributed to one beneficiary (below 80% of relevant threshold). When the estate is settled and the funds are distributed to the beneficiary is he liable to Income Tax on the rental element of the distribution (with a credit for income tax paid by the Estate) or is it all assessed under CAT? 4. Legal fees for administering the estate. Allowable deduction on rental return?

Marked as spam
Posted by (Questions: 30, Answers: 13)
Asked on 30 November 2019 2:52 pm
37 views