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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 7303
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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My mum died and left her house to my brother and I, but I already

Customer Question

My mum died and left her house to my brother and I, but I already owned my half since my father died in 1992. I left home in 2003 to get married and my mum died in June 2013, I have only owned another home since 2011.
I paid half of the mortgage from 1992 until 2007.
My brother does not own another property
The property is currently on the market at 450.000, if it sells for this price how much would each of us have to pay in tax.
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.

Hi

Thanks for your question

T work out each of your capital gains tax bill I would need to know

1) Was this where you brother remined living from June 2013 to date - or does he also live elsewhere

2) What was the value of the property when you inherited half in 1992

, and did you live here from 1992 ti 2003 (when you state you left home to get married)

3) If there was a mortgage on the property from 1992 to 2007 - then ho could you have inherited half the property - did you take this mortgage - whose name was it in, and why was there a mortgage taken out AFTER your father had died and how much was borrowed - and who was this paid to?

4) Has any major work being carried out on the property - such as new kitchen, bathrrom etc since 1992 - if so what and how much approx did these improvements cost.

5) how mch is your are your brothers annual income (either more than £41865 a year or less than £31865)

Thanks

Sam