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?
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