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Sachinmathur's avatar

Self Aquired Vs Ancestoral Property?

Asked by Sachinmathur (4points) July 24th, 2017

Why is it important to determine whether a property that may form part of an inheritance is either self-acquired or ancestral?

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3 Answers

elbanditoroso's avatar

Depends on the laws of the country. In some countries, inherited wealth and property is taxed differently than property that was purchased. This has to do with historical title to the property and whether it was a royal grant (or not) or has some previous ownership issues.

In the US this plays into figuring the gain in the event that the property is sold or transferred in the future.

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