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Can I Gift Kids House?
PoGee
Posts: 792 Forumite
in Cutting tax
I have a (now 2nd but was initially my first) property that I lived in for 7 years but then rented out to students for 25 years at approximately 11 months out of each year. My income is around £24k. I bought it at a price of £38k and is now valued at £195k. Will I still need to pay cgt if I gift to my adult kids?
0
Comments
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Yes you will.
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Apart from the tax issue, have you asked your kids if they want to be joint landlords?Also important for consideration is that if any of them do not already own their own property you gift would sort them their first time buyer status so will end up paying more stamp duty when buying their own home.1
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Back in June you were talking of buying a 3rd property, so rather than gift them the second, you would be better keeping it and gifting the cash you were planning to spend on a third.0
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