Costs of selling a property and chattels

[vinny123]

the estate has two properties both of which will be sold. Can I offset the selling costs of estate agents, lawyers etc of the open market value for IHT purposes?

Is there an accepted way of valuing chattels when essentially it is relatively old furniture, TV and old white goods?

[AGoodman]

1. No, not for IHT. If it they go up in value before sale, you can use expenses to reduce the gain for CGT.
2. Not particularly. It is the executors duty to give a correct answer but if there is nothing of actual value then HMRC will usually accept a round number.

[Lee Young]

In relation to your second question, and particularly if IHT is payable on the estate as a whole, you should instruct an auctioneer to provide a written opinion.