ChatterBank1 min ago
2nd house tax query
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I have bought my mum and dad's house off them undervalue for �40,000. Basically they are going through financial difficulties and they need some money. I am not getting anything from the house and am not gaining anything financially. My mum and dad will repay the monthly mortgage payments although it comes out of my account. Will I have to pay tax on this?
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did you undervalue it by that amount or bought it for that amount ? either way it could be construed as avoiding tax now or at a later date. Especially if it was ever added into and inheritance tax calculation.
It really does need someone with specialist tax knowledge to answer this and be provided with more detail.
There is another angle , depending on figures involved if something happened to you they may well have to pay inheritance tax to carry on living in the property.. It may well not fall into this catagory but they are all things to consider which need to be sorted sooner rather than later
It really does need someone with specialist tax knowledge to answer this and be provided with more detail.
There is another angle , depending on figures involved if something happened to you they may well have to pay inheritance tax to carry on living in the property.. It may well not fall into this catagory but they are all things to consider which need to be sorted sooner rather than later
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