CGT ON GIFTED PROPERTY AS PRIMARY RESIDENCE
Posted: Mon Dec 03, 2018 1:06 pm
Hi
My dad is now getting older and struggling. He has asked me and my family to move into his home rather than him sell his. The plan is to sell my property and make his house my primary residence with him still living there. Is he able to gift the house to me without any capital gains tax or IHT repercussions? Or would it be easier for me to buy the house at market value today with a gift from my dad to partially reduce the cost? Is there an easier way to make this more cost effective?
Thanks in advance.
My dad is now getting older and struggling. He has asked me and my family to move into his home rather than him sell his. The plan is to sell my property and make his house my primary residence with him still living there. Is he able to gift the house to me without any capital gains tax or IHT repercussions? Or would it be easier for me to buy the house at market value today with a gift from my dad to partially reduce the cost? Is there an easier way to make this more cost effective?
Thanks in advance.