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Where Taxpayers and Advisers Meet

parents gifting their home

DEJO
Posts:1
Joined:Wed Aug 06, 2008 3:06 pm

Postby DEJO » Tue Oct 28, 2003 9:27 am

my wife and i have recently moved into a bungalow near to her elderly parents old run down house the bungalow is owned solely by my wife,and we are now talking about the prospect of swapping properties, with her parents gifting their house to me. my wife and i would then live in the gifted property, they would then in turn live in my wife's bungalow rent free, is this possible and are there any taxation issues we need to be aware of whilst trying to minimise any tax paid. also what would be the cost of setting this up.

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