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Second Home Question
princess23
Posts: 121 Forumite
Hi can anyone tell me we are selling our primary home and moving into our inherited home. If we sell the property we are moving into after 4 -5 years will we still be liable to pay capitol gains tax. TIA
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Comments
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I don't think so, because it will then be your primary home.
However I am no expert, so I am willing to be corrected.0 -
this is right - if you live in the inherited home you won't pay CGT as it is your primary residenceBungalowBel said:I don't think so, because it will then be your primary home.
However I am no expert, so I am willing to be corrected.0 -
So from the time you inherited (give or take) to the time you sell, it will have been your main residence? No CGT.
But why is your thread title "Second Home Question"? You are (you say) selling your current main residence so will only have one property, not two.......
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Impossible to say for sure without knowing how long ago you inherited the house. If it's a long time ago you may need to pay CGT when you sell it on the gain in value between the date of inheritance and the date you made it your primary residence. But if it's recent then @BungalowBel is right, CGT is not due on the sale of a property for the time that you've lived in it as your home.
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Thank you everyone for your help0
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