I
iona.tom
Guest
Hi all,
Just looking for a bit of advice regarding a second property my father wants to 'gift' to me.It's currently valued at around 250k with a mortgage of 35K approx left on it. Would it be better for me to be gifted the property now or wait until it's sold and be gifted the cash?
I have lived in the property for the past 8 yrs and paid approx 60k in rent payments to my father to cover the mortgage. Can this figure be deducted from what i am gifted? I have also put approx another 60k into renovating it but would have no records of this.
With the sale of the property i plan to move into a bigger home, is it better that i make this next property my first home in terms of mortgage interest relief and stamp duty etc or would CGT for my father cost more now for the pair of us?
Although this gift is below the threshold, there will be a further inheritance in time so i want to minimise the figure 'gifted' to me now for future tax purposes?
Any advice would be greatly appreciated?
Thanks,
Tom
Just looking for a bit of advice regarding a second property my father wants to 'gift' to me.It's currently valued at around 250k with a mortgage of 35K approx left on it. Would it be better for me to be gifted the property now or wait until it's sold and be gifted the cash?
I have lived in the property for the past 8 yrs and paid approx 60k in rent payments to my father to cover the mortgage. Can this figure be deducted from what i am gifted? I have also put approx another 60k into renovating it but would have no records of this.
With the sale of the property i plan to move into a bigger home, is it better that i make this next property my first home in terms of mortgage interest relief and stamp duty etc or would CGT for my father cost more now for the pair of us?
Although this gift is below the threshold, there will be a further inheritance in time so i want to minimise the figure 'gifted' to me now for future tax purposes?
Any advice would be greatly appreciated?
Thanks,
Tom