Do I Have To Pay Taxes On a House That I Inherited

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🌐 Visit our website at https://www.propertysaviour.co.uk • 📞 Call us on 0113 320 6700 for a free confidential chat. • ✅ Get a free cash offer for any property in any condition • ✅ Non judgemental and friendly approach • ✅ We pay £1,500 towards your legal fees • ✅ Complete in as few as 7 days or at timescales that suit you • ✅ What we offer is what you get. No deductions ever. • Inheriting a property can be a daunting event and produces a lot of questions for the bereaved: ‘Do I pay capital gains tax when I sell an inherited property?’ and ‘if I sell inherited property, is it taxable?’ These are typical concerns that play on the mind of people in this situation. Luckily, we have the answers. • According to HMRC’s website: • You don’t pay Stamp Duty, Income Tax or Capital Gains Tax on a property you inherit when you inherit it. • You may have to pay Inheritance Tax if the deceased’s estate can’t or doesn’t pay it. • Qualifying estates can continue to pass on up to £500,000 and the qualifying estate of a surviving spouse or civil partner can continue to pass on up to £1 million without an Inheritance Tax liability. • The rules are different in Scotland. • You don’t pay Capital Gains Tax when you sell your home. You do pay it if you make a profit when you sell a property that isn’t your main home. • If inheriting a property means you own 2 homes, you’ll have to nominate one of them as your main home. You must tell HMRC which property is your main home within 2 years of inheriting the property. • If you don’t tell HMRC and you sell one of the properties, they’ll decide which property was your main home. • 00:00 Introduction • 00:11 Do I pay capital gains tax on inherited property? • 00:22 Is inherited property taxable? • 00:41 Estate pays inheritance tax and not YOU • 00:52 £1m inheritance tax allowance • 01:05 Capital gains tax on profits • 01:19 Main home • 01:34 Probate value • 01:47 Tax liability • 02:03 Liquidating an inherited property • 02:15 Property Saviour

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