This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Selling an Inherited House - Deducting Costs

DJ314159
Posts:58
Joined:Wed Aug 06, 2008 3:34 pm
Selling an Inherited House - Deducting Costs

Postby DJ314159 » Fri Mar 22, 2019 12:12 pm

Can the full costs (solicitors + agent's fees) be deducted from the sale value of an inherited house to reduce the capital gain?

Example: A house is inherited which had a £500k probate value. Some time later the house is sold for £515k, an increase of 3%. A small increase, which indicates that the probate value at time of death was accurate, and so a
capital gain of £15k has been made. But the costs of sale were £10k. Can the full £10k be deducted from the £15k gain to reduce the gain to £5k?

Jholm
Posts:363
Joined:Mon Mar 11, 2019 4:22 pm

Re: Selling an Inherited House - Deducting Costs

Postby Jholm » Fri Mar 22, 2019 1:28 pm

Can the full £10k be deducted from the £15k gain to reduce the gain to £5k?
Why would it not be?

DJ314159
Posts:58
Joined:Wed Aug 06, 2008 3:34 pm

Re: Selling an Inherited House - Deducting Costs

Postby DJ314159 » Fri Mar 22, 2019 2:18 pm

Thanks, I'll assume that's a yes.


Return to “Capital Gains Tax, CGT”