renting out inherited property

Shebeepy

Gosh. Why is it so hard to answer the question without getting into aspects the OP did not ask for help with? Why can't we just do facts, without adding our additional twopenneth where it isn't required?  If you're here with knowledge and here to help, great - but why add that little touch of toxicity to the mix? See it so often on this forum. Sad times.

Dazed_and_C0nfused

I don't think the op got off to a good start saying this,

My sister and I inherited a property, selling is a slow burn at moment, can we as executors rent out the property

Shebeepy

Dazed_and_C0nfused said:

I don't think the op got off to a good start saying this,

My sister and I inherited a property, selling is a slow burn at moment, can we as executors rent out the property

Right. So why is that? I've no idea or experience on this subject, so I imagine there are others reading who are in the same boat as me. Heck, even the OP might be the same. What's wrong with explaining why, rather than pushing a host of other buttons with a holier than thou attitude? Really makes me mad on here. 

bigmickp

I thought this was Money Saving Expert, I ask a question, hoping someone has knowledge or experience o help me  

Dazed_and_C0nfused

Shebeepy said:

Dazed_and_C0nfused said:

I don't think the op got off to a good start saying this,

My sister and I inherited a property, selling is a slow burn at moment, can we as executors rent out the property

Right. So why is that? I've no idea or experience on this subject, so I imagine there are others reading who are in the same boat as me. Heck, even the OP might be the same. What's wrong with explaining why, rather than pushing a host of other buttons with a holier than thou attitude? Really makes me mad on here. 

Because no one can give sensible pointers without understanding if the op and sister have inherited a property or not.  The original post covers both scenarios.

Which canaldumidi originally brought up in an earlier post.

bigmickp

My sister and I inherited a property, selling is a slow burn at moment, can we as executors rent out the property, if yes , where does the rental money go, and is there capital gains tax to pay on the rent? 

my original post and question, any help

steampowered

bigmickp said:

My sister and I inherited a property, selling is a slow burn at moment, can we as executors rent out the property, if yes , where does the rental money go, and is there capital gains tax to pay on the rent? 

While the house is owned by the estate, rent would go into the estate.

Once the house has been distributed to the beneficiaries, the beneficiaries would become the new owners of the property. Rent would be paid to the beneficiaries from that point onwards. 

Rent is subject to income tax. NOT capital gains tax.

I would have thought that income tax would be payable by the estate before the property has been distributed, and by the beneficiaries afterwards? You might want to check that with an accountant. 

Dazed_and_C0nfused

You might find this useful.  Once you have established if you have inherited the property or its still part of the estate.

https://www.litrg.org.uk/tax-guides/bereavement/how-does-personal-representative-deal-income-and-capital-gains-arising-after

canaldumidi

bigmickp said:

My sister and I inherited a property, selling is a slow burn at moment, can we as executors rent out the property, if yes , where does the rental money go, and is there capital gains tax to pay on the rent? 

my original post and question, any help

No idea why you keep repeating the question. I answered it for you fully on the first page. Post 5.

If there was something in that answer you didn't understand, believe was wrong, or need clarifying, then ask a supplementary question, rather than the same one again and again.

And I re-iterate; if you are acting as Executors, then you have not inherited. Yet.

theoretica

Keeping the property as part of the estate is not a long term solution - if you and your sister are the joint beneficiaries and want to rent the property out then is there some reason you don't want to transfer the property into your names?

As above - income tax would need paying.