Hi,
I‘m in England. A relative has recently died. Over 10yrs ago, they put their house in mine and my sibling’s name, so we now have joint ownership.
We are selling the house which has been valued at £230/250K, we will split the proceeds 50/50.
What I wanted to know is will the profits from the house mean our incomes go into the higher tax bracket (we both currently earn around £30Kp/a)? Will profits be subject to capital gains tax? Can we put some in an ISA? If so, how much and will this amount be free from tax? Can we gift to family members to reduce tax burden?
Advice on house inherited after family death and how to save wisely
byu/RaeFinkle420 inpersonalfinance
Posted by RaeFinkle420
1 Comment
Were they living in the house in the mean time? It probably doesnt matter, but you need to look up benefit with reservation on the house itself.
Inheritance isnt income, but you’ll be subject to CGT on it – you’ll need a valuation for when it was transferred into your name, and then CGT on the difference between its value then and its value now.