Q When my dad died a few years back my parents' house was transferred into my name for me and my mum to live in. I now want to buy my own home with my boyfriend, but obviously won't be selling my dad's house as my mum will continue to live there. The new house will be in my and my boyfriend's names and everything will operate as normal, with the mortgage and bills etc split and paid equally.
I want to make sure I won't receive a tax bill or anything for my Dad's old house, what with me owning it but not living in it. The house will remain in my name but my mum will be living in it alone and paying all the bills herself. She won't, however, be paying me rent, so basically the house is hers except in name.
Will I be subject to tax even though this house is making me no money? I really hope not, otherwise I am going to have to sign it over to my mum as I can't afford to pay a tax bill for nothing in return. AN
A Assuming your dad's house was left to you in his will, any inheritance tax due would have been paid when probate was granted on your dad's estate. If there wasn't a bill then, you don't need to worry about a tax bill now.
And you definitely won't receive a tax bill simply for owning your dad's old house. There could be a tax bill if you were to sell or give away the property, but as you're not planning to do either of those things there is nothing to worry about.
Source: http://www.guardian.co.uk/money/2012/feb/01/capital-gains-tax-due-inherited-house
Blackpool Rihanna US constitution and civil liberties Bradford Bulls The Ashes Japan
No comments:
Post a Comment