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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15453
Experience:  International tax
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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
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)

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