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tax implications when renovating?
johnny
Posts: 19 Forumite
Hi,
We are purchasing a house that needs alot of work doing to it. We are borrowing the money to buy it from our family and we will keep our current house to live in whilst we do the renovation.
Once the new house is nearly complete we want to put our current one on the market. When it sells we'll use the equity to pay off the family loan and extend our mortgage to cover the remaining amount.
A friend has just told me that there may be tax implications when we come to sell our current house. Is this so and would we have to pay capital gains?
Cheers
john
We are purchasing a house that needs alot of work doing to it. We are borrowing the money to buy it from our family and we will keep our current house to live in whilst we do the renovation.
Once the new house is nearly complete we want to put our current one on the market. When it sells we'll use the equity to pay off the family loan and extend our mortgage to cover the remaining amount.
A friend has just told me that there may be tax implications when we come to sell our current house. Is this so and would we have to pay capital gains?
Cheers
john
0
Comments
-
There should be no capital gains tax to pay.FREEDOM IS NOT FREE0
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