misstealeaf
Registered User
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- 93
My parents bought a house in 1979. My mam left my dad in 1983 and lived with my grandparents. She inherited their house last year where she resided since 83 and still resides there. My parents lived apart but never actually legally separated or divorced.
My dad passed away thus year so the house is legally my mams straight out. She wants to sell it so I am wondering the tax implications for her on any gain made. I know the original price will be indexed and she'll be subject to cgt on the diff between this indexed price and the selling price. I know there is an exemption where a PPR is sold and cgt would not be payable.
My question is how do they assess it is a PPR? How would the revenue know it wasn't her PPR- is there a declaration she'd have to fill out once she sells the house? Thanks in advance. o
My dad passed away thus year so the house is legally my mams straight out. She wants to sell it so I am wondering the tax implications for her on any gain made. I know the original price will be indexed and she'll be subject to cgt on the diff between this indexed price and the selling price. I know there is an exemption where a PPR is sold and cgt would not be payable.
My question is how do they assess it is a PPR? How would the revenue know it wasn't her PPR- is there a declaration she'd have to fill out once she sells the house? Thanks in advance. o