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bigduckontax
bigduckontax, Accountant
Category: Tax
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If I inherit part of my parents main residence, thus becoming

Customer Question

If I inherit part of my parents main residence, thus becoming my second property, on their first death but allow my surviving parent to live there rent free do I have an income tax liability on any 'deemed' rental income?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.

Hello, I'm Keith and happy to help you with your question.

In a word no, but you would be liable to Capital Gains Tax on any gain from the probate value on ultimate sale, subject to a plethora of rules which are really outside the scope of your original question; just be aware.

I do hope i have been of assistance.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you for your support.

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