Curiousmike
Registered User
- Messages
- 4
Hi Folks
Take this scenario, I have been living in a relatives home for the past three years along with my partner and young daughter, my relative has been in a nursing home since i moved in and relative has recently passed away. I am the sole beneficiary of the will which includes the property we are living in.
My issue is that myself and my partner are splitting up so i have been weighing up the options of what to do next
Option A. Sell property I have inherited, gift a sum of money from sale of house to my partner so she can buy a home for herself and my daughter. The issue with this option is that the tax threshold to my partner is low so a large amount will be taxed at 33% however if I gave say 200,000 in my daughters name which would mean no tax implication and then say partner found house for 350000, 200000 would be my gift then partner would make the 150000 up herself, is something like that an option here, how would that work with banks to buy the home that way?
I would be grateful for any insight
Take this scenario, I have been living in a relatives home for the past three years along with my partner and young daughter, my relative has been in a nursing home since i moved in and relative has recently passed away. I am the sole beneficiary of the will which includes the property we are living in.
My issue is that myself and my partner are splitting up so i have been weighing up the options of what to do next
Option A. Sell property I have inherited, gift a sum of money from sale of house to my partner so she can buy a home for herself and my daughter. The issue with this option is that the tax threshold to my partner is low so a large amount will be taxed at 33% however if I gave say 200,000 in my daughters name which would mean no tax implication and then say partner found house for 350000, 200000 would be my gift then partner would make the 150000 up herself, is something like that an option here, how would that work with banks to buy the home that way?
I would be grateful for any insight