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Capital Gain On Buy To Let
MISS_ATTITUDE1
Posts: 21 Forumite
situation
single parent living in ex partners house only his name on mortgage.he pays mortgage instead of maintance.
i have a buy to let property in my name which is currently empty after last years nightmare tenants.
exparner now has new girlfriend and wants me and the kids to move out so they can move in.!!!!!leaving me and kids homeless.
his arguement is that we can move to the empty buy to let house.
however as it is only a few miles from him i would rather just sell and get away and it is also not suitable for me and the kids long term.not the best of areas.
my question is would i be liable to pay capital gains or would i be best to move in for 3 years and then sell.
house cost 40000 12 years ago and is now worth approx 200000.
also i have a loss from selling a previous property of approx 36000.
ideal situation is to sell the buy to let and purchase a small house for me and the kids and another small buy to let.would my losses be carried over if i did this.
sorry for all the questions.hope someone can help
single parent living in ex partners house only his name on mortgage.he pays mortgage instead of maintance.
i have a buy to let property in my name which is currently empty after last years nightmare tenants.
exparner now has new girlfriend and wants me and the kids to move out so they can move in.!!!!!leaving me and kids homeless.
his arguement is that we can move to the empty buy to let house.
however as it is only a few miles from him i would rather just sell and get away and it is also not suitable for me and the kids long term.not the best of areas.
my question is would i be liable to pay capital gains or would i be best to move in for 3 years and then sell.
house cost 40000 12 years ago and is now worth approx 200000.
also i have a loss from selling a previous property of approx 36000.
ideal situation is to sell the buy to let and purchase a small house for me and the kids and another small buy to let.would my losses be carried over if i did this.
sorry for all the questions.hope someone can help
0
Comments
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you really need a professional accountants advice on this - property taxation is a very complex affair, and CGT is payable in certain circumstances and not others.0
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