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Sold Property but was my dads money.
Comments
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No issues I can think of, based on what's been disclosed here.
Pay the money back to him and he does what he wants with it.
End of...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
unless your sister actually lived in the property then in principle her share would be liable to capital gains tax i.e. on half the difference between selling price and buying price less allowable expenses)
however as she has a cgt allowance of 10,600 then no tax would actually be charged0 -
As I understand it, the father took out the mortgage on the family home and used the money to buy the second property which was put into the siblings' names.
rocker - you say you are working. Is your sister also working? If either of you are claiming any means tested benefits, you can't just hand the money back to your father and carry on claiming.
You have sold a house in your names and now have 50k capital each.
Parent remortgaged house and gave the money to children. Children bought a house with it. House now sold and children are giving money back to parent.0 -
Not actually a problem as there is a paper trail, but when the money is transferred to your father, the bank will probably want to know the source of such a large sum. This is to do with anti money laundering protocol.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
LandyAndy,
Im guessing i would need to go into the bank and not just online. Also the reason i ask this stuff is because people were telling me things like "your dad will need to pay income tax" "you can only gift a certain amount of money to someone" ....
(also my dad does not work nor does he claim any benefits, he is retired)0 -
Parent remortgaged house and gave the money to children. Children bought a house with it. House now sold and children are giving money back to parent.
It would have better if they had made a written agreement that it was a loan to be paid back on the sale of the house but, as no-one is claiming benefits, it should be a straightforward transaction.0 -
unless your sister actually lived in the property then in principle her share would be liable to capital gains tax i.e. on half the difference between selling price and buying price less allowable expenses)
however as she has a cgt allowance of 10,600 then no tax would actually be charged
No only i lived there.0 -
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LandyAndy,
Im guessing i would need to go into the bank and not just online. Also the reason i ask this stuff is because people were telling me things like "your dad will need to pay income tax" "you can only gift a certain amount of money to someone" ....
(also my dad does not work nor does he claim any benefits, he is retired)
Write him a cheque
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