I hope this is the correct forum!
Weighing up the option of selling in a depressed market or renting for a number of years.
Probate is nearly through (matter of weeks) and the house will be jointly inherited by my sister and I. My concern relates to tax as my sis lives outside the EU and I'm wondering how should we deal with tax issues?
My husband and I are jointly taxed (I'm an artist and am tax exempt on this front). As the house will be in my sis (who lives abroad and doesn't pay tax here currently) and my name how on earth will the tax situation be? I don't want to be hit for all of the tax on income nor have it adversely affect our family tax situation.
Any advice greatly appreciated.
Weighing up the option of selling in a depressed market or renting for a number of years.
Probate is nearly through (matter of weeks) and the house will be jointly inherited by my sister and I. My concern relates to tax as my sis lives outside the EU and I'm wondering how should we deal with tax issues?
My husband and I are jointly taxed (I'm an artist and am tax exempt on this front). As the house will be in my sis (who lives abroad and doesn't pay tax here currently) and my name how on earth will the tax situation be? I don't want to be hit for all of the tax on income nor have it adversely affect our family tax situation.
Any advice greatly appreciated.