himalyan_joe
Registered User
- Messages
- 1
If you are purchasing for market value there are no tax implacations for you. It is the same as purchasing any other house. If the property was your parents investment property they may have a cgt liability.Hi all,
Need your help.
Myself and my fiance are planning on buying my parents house from them. They had it for sale a couple of months ago and did not reach a sale.
We will be getting the house for circa 75k less than what the house was advertised for previously (In my opinion it was overpriced!) and the price we are offering in more in line with the other property prices in the area.
My fiance and I have no idea where to start on the tax implications etc. on purchasing a house from a family member along with the steps we would need to take to get the house over the line. Would really appreciate any informal advice you could offer.
Joe
The 2nd part is also the same as if you were buying from a stranger, just there is no estate agent involved.the steps we would need to take to get the house over the line.
So, no gift tax implications if it's below market value?there are no implications either way as this is a family home
You don't have to pay market value, every older house could need some improvements, make that your discount if ever challenged, there are no implications either way as this is a family home.
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