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Dilemma-Help please
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jbatista
Posts: 327 Forumite
in Cutting tax
As some of you may or not know, My Dear Dad passed away in April leaving a lovely home and about £13,000.
My husband and I live in a Council property (rented) with our 3 sons. My hubby is ill and not able to work and I am only working casually at a Pri School,
Dads house is up for sale since July, its in need of some repairs. Had 1 couple to look at it.
We are now seriuosly thinking of leaving the council house and moving into Dads property and do it up slowly.
Will there be any tax implications for us?
In such a dilemma, my head is all messed up as to what or not do for best.
The primary idea was 2 sell dads house, buy the council house and bank some money. Now we are not so sure...
My husband and I live in a Council property (rented) with our 3 sons. My hubby is ill and not able to work and I am only working casually at a Pri School,
Dads house is up for sale since July, its in need of some repairs. Had 1 couple to look at it.
We are now seriuosly thinking of leaving the council house and moving into Dads property and do it up slowly.
Will there be any tax implications for us?
In such a dilemma, my head is all messed up as to what or not do for best.
The primary idea was 2 sell dads house, buy the council house and bank some money. Now we are not so sure...
0
Comments
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If you sell your dad's house, there will potentially be CGT to pay on the increase in value from the Probate value to the selling price. You do have a £9200 annual exemption, so there might not actually be any tax to pay, but would need more details to advise.
If you lived in the property, there would be no CGT to pay when you come to sell it, apart from (perhaps) a tiny amount on any increase in value from Probate to the date you moved in - I imagine this would be v small.£705,000 raised by client groups in the past 18 mths :beer:0
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