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Where Taxpayers and Advisers Meet

long term cgt on given property

pujol
Posts: 1
Joined: Tue Sep 12, 2017 9:16 pm

long term cgt on given property

Postby pujol » Tue Sep 12, 2017 9:34 pm

Parents(deceased) gave sister and i property 10 yrs ago. I am disabled and amount will make me ineligable for programs. I owe her most of my part. Could I quick deed it to her and she be sole seller? She could have excess amount for taxes. Est cgt $50k. Open to all suggestions.
Your help is greatly appreciated.

maths
Posts: 7283
Joined: Wed Aug 06, 2008 3:25 pm

Re: long term cgt on given property

Postby maths » Wed Sep 13, 2017 8:22 pm

Not quite sure what's going on?

If you and sister were jointly given the property by parents and you/sister didn't live in it then on a gift of your share to sister you will have a CGT liability. She will then own it.

darthblingbling
Posts: 104
Joined: Wed Aug 02, 2017 9:09 pm

Re: long term cgt on given property

Postby darthblingbling » Sat Sep 16, 2017 2:29 pm

As you are using terms such as $ and 'long term' I'm guessing this is a US tax issue and not UK?
Trainee tax professional working for a CTA/ATT qualified professional
damien@edaprof.co.uk
EDA Professional Services - UK/US Tax experts

DavidTreitel
Posts: 176
Joined: Thu Aug 16, 2012 4:31 pm

Re: long term cgt on given property

Postby DavidTreitel » Wed Sep 20, 2017 1:27 pm

I concur. A quit claim deed is an American term. What has this question to do with UK tax?


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