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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4191
Experience:  FCCA FCMA CGMA ACIS
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Me and my wife had bought a property for my daughter and son

Resolved Question:

Me and my wife had bought a property for my daughter and son in law when they come from America in 2004 simply because they could not get the mortage in there name as they didn't earn enough to buy this house.
My daughter has been paying 100% of the mortage payments which came out of my bank account and I have not charged her no extras so I have not made any profit by doing the above all these years
Today my daughter is buying a bigger house of her own and so I will be selling this property and will make profit of some sort
So the question arises would there be any capital gain tax implication for my self and my wife even when we did not charge any more than the mortage payment due to the bank
Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: No
Submitted: 26 days ago.
Category: Tax
Expert:  bigduckontax replied 26 days ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be bale to help you with your question.

Is the property you bought for your daughter and son your sole or main domestic residence?

bigduckontax and 2 other Tax Specialists are ready to help you
Customer: replied 26 days ago.
Customer: replied 26 days ago.
Can you please let me know the total charge for my inquiry before you call me as i a man not sure of the the amount you guys charge
Expert:  bigduckontax replied 26 days ago.

From my experience you will peobably find it easier to ring me. I am on 01750 725420.

Expert:  bigduckontax replied 26 days ago.

Thank you for your support.