hello ,
I inherited 50% of a property in May 2020, my partner and I then proceeded to buy the other 50% for 65000 ( property valued @135000, sale completed Sept 2020, both our names on the title deeds )
We then spent around 20000 renovating the property ( it was not in a condition for sale ) and have today accepted an offer for the sale @220000.
my fag packet calculations is that the profit would be .. 66000 ( 33000 each )
sale price 220000
minus 65000 (original inheritance)
minus 20000 ( renovation costs )
minus. 4000 ( council tax / selling fees )
minus. 65000 ( load to buy out the 50% )
I just wanted to sanity check my thinking and see if there was anything I was missing or way to claim relief on the CGT ?
we are also looking to sell our main home and buy a larger property in the next year if somehow reinvesting the profit would help reduce CGT .
any and all advise welcomed
thanks
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