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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5148
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

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Customer: replied 4 years ago.

My brother and I inherited a property following the death of our mother. The value at that time was £169,000. After renting out the property we decided to sell and the price achieved was £150,000 split between the both of us.

What taxable cost does this incur and how much if poss?

Thank you

Christine, thank you for your prompt reply.

You have made a capital loss of (169,000-150,000) £19,000 on sale of this property. As there is no capital gain you won't pay any tax.

You should however report this loss on your tax return to enable you to offset it against future capital gains.

Secondly, your only tax should be income tax on rental profit.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 4 years ago.

What a weight off my mind! Thank you so much.

Thank you for your reply

I hope this has been helpful.

If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get credited for it. and other Tax Specialists are ready to help you
I thank you for accepting my answer.

Best wishes.