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Selling Parents House/Tax
raymond.watt
Posts: 4 Newbie
Hello,
Can anyone help in answering my query regarding my issue in relation to selling my late fathers house.
The story being that my fathers house has been left equally between myself and sister.We have agreed to sell the house which has a value of aaround 60 -70k are we liable to pay any form of tax on this purchase? Or what is the best to do,We would be grateful of any help.
Can anyone help in answering my query regarding my issue in relation to selling my late fathers house.
The story being that my fathers house has been left equally between myself and sister.We have agreed to sell the house which has a value of aaround 60 -70k are we liable to pay any form of tax on this purchase? Or what is the best to do,We would be grateful of any help.
0
Comments
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I assume you mean 'sale'?are we liable to pay any form of tax on this purchase?
There may have been inheritance tax on his estate if it exceeded the allowances. This should have been dealt with by the Executers. However unless he had considerable additional savings this is unlikely.
You will not need to declare this for income tax purposes.
You may lose benefits if you claim any which are means tested.0 -
Sorry to hear of your loss.
If your Dad passed on after April 2009 and had an estate that comes to less than 325,000 Pounds - i.e. all his cash savings, any investments and also the price of his house all added up - then you would not pay a penny in inheritance tax. I think the sum is 325,000 since April 2009 but you will need to double-check.
This is not financial advice.This is not financial nor legal nor property advice. Consult a paid professional if in doubt.0
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