How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15453
Experience:  International tax
14155347
Type Your Tax Question Here...
TaxRobin is online now

Myself and my ex-wife have recently sold a house which was

Customer Question

Myself and my ex-wife have recently sold a house which was my ex-wife parents house the circumstances was that they handed us the deeds after helping them out financially, the agreement was that they live there until death or have to go into a nursing home my father in law died and my mother in law is now in a nursing home am I liable for capital gains tax ?
Thank you
Jo
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
.
Expert:  TaxRobin replied 1 year ago.
HelloYou may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) property that’s not your home.You use the market value when you received the house to calculate your gain.
Expert:  TaxRobin replied 1 year ago.
You can deduct costs of buying, selling or improving your property from your gain. These include:estate agents’ and solicitors’ feescosts of improvement works, eg for an extension (normal maintenance costs don’t count, eg for decorating)

Related Tax Questions