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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10159
Type Your Tax Question Here...
bigduckontax is online now

If I gift a rental property to my child do I have to pay

Customer Question

Hi if I gift a rental property to my child do I have to pay gain tax immediately or I can spread the cost
JA: What are the assets or property for this capital gain?
Customer: Basically I have block of flats rented with HMO licence but would like to gift one flat to my daughter
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: Yes the property is freehold
Submitted: 13 days ago.
Category: Tax
Expert:  bigduckontax replied 13 days ago.

Is the title to each flat split?

Customer: replied 13 days ago.
Customer: replied 13 days ago.
The whole building on my name title I inherited it in 2007
Expert:  bigduckontax replied 13 days ago.

There is the first and rather expensive problem, you will have to split the flats' titles before you can make the gift.