My partner & his 3 siblings inherited a property in Tuscany in January 2005, his parents bought it about 30 years ago. It was only ever used as a holiday home.
They have been advised by their mother's Italian accountant that they will have to pay a higher tax if they sell within 5 years. How does the law work and does it apply to inherited property?
They've had the property revalued and registered the new value with the land registry office (or Italian equivalent), the registered value is far less than they've been advised the property would sell for on the open market.
Can anyone advise?
Category
Legal
Submitted by Anonymous (not verified) on Tue, 06/20/2006 - 06:35
[QUOTE=colette]My partner & his 3 siblings inherited a property in Tuscany in January 2005, his parents bought it about 30 years ago. It was only ever used as a holiday home.
They have been advised by their mother's Italian accountant that they will have to pay a higher tax if they sell within 5 years. How does the law work and does it apply to inherited property?
They've had the property revalued and registered the new value with the land registry office (or Italian equivalent), the registered value is far less than they've been advised the property would sell for on the open market.
Can anyone advise?[/QUOTE]
There are no taxes if you sell an inherited property, even if there's a capital gain in respect of the "registered value" - wich is - I suppose - the value you've considered in the "dichiarazione di successione".
Submitted by Anonymous (not verified) on Tue, 06/20/2006 - 09:01
[QUOTE=colette]My partner & his 3 siblings inherited a property in Tuscany in January 2005, his parents bought it about 30 years ago. It was only ever used as a holiday home.
They have been advised by their mother's Italian accountant that they will have to pay a higher tax if they sell within 5 years. How does the law work and does it apply to inherited property?
They've had the property revalued and registered the new value with the land registry office (or Italian equivalent), the registered value is far less than they've been advised the property would sell for on the open market.
Can anyone advise?[/QUOTE]
There are no taxes if you sell an inherited property, even if there's a capital gain in respect of the "registered value" - wich is - I suppose - the value you've considered in the "dichiarazione di successione".