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capital gains tax estimate
johnvet74
Posts: 1 Newbie
in Cutting tax
I bought a house in Nov 97 for £66000 then moved in with my wife into her house and immediately took over her mortgage ,which we have lived in since. I rented out the original property until this year(2009) when we got divorced. She wants the original house which has the market value of £170000. She says that I wont be due any capital gains tax but I am inclined to think that I will be due to pay it. If so will it be £16992
(104000-9600 x 18%
Would appreciate your thoughts
(104000-9600 x 18%
Would appreciate your thoughts
0
Comments
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From what you say you never lived there?
If you haven't ever lived there then, yes you will be liable for CGT as you say although you can deduct cost of buying/selling from the gain0
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