H
homemoaner
Guest
hi,
i have seen a house i would like but have not sold my own yet.My parents said they would buy me the house (i have seen) £125k and i will pay them back an interest free loan plus the profit from my existing house (the one thats being sold), when it sells....
i know an interest free loan doesnt trigger off any tax liability....but will i have to pay any tax on the house i`m selling? as i`ll be making 50k if it sells...
the interest free loan off my parents will end up being 75k...but i am thinking about any tax liability on the house i am selling as it will be part of the payment towards the new house.
can anyone advise please as i dont want to go ahead till i know the situation? many thanks.
i have seen a house i would like but have not sold my own yet.My parents said they would buy me the house (i have seen) £125k and i will pay them back an interest free loan plus the profit from my existing house (the one thats being sold), when it sells....
i know an interest free loan doesnt trigger off any tax liability....but will i have to pay any tax on the house i`m selling? as i`ll be making 50k if it sells...
the interest free loan off my parents will end up being 75k...but i am thinking about any tax liability on the house i am selling as it will be part of the payment towards the new house.
can anyone advise please as i dont want to go ahead till i know the situation? many thanks.