gifting of property

[baggins]

my parents are gifting a second property of theirs ,which is currently being rented, to myself and 2 siblings. Does anyone know of the financial implications for us, either to continue to rent it out or to sell the property? any advice would be helpful. Thankyou.

[dzug]

Renting it out - you will be liable for income tax on the profits from the rent. When you eventually sell it you could be liable for capital gains tax.

Selling it - if it rises a lot in value between the time you are given it and the time you sell it you could be liable for capital gains tax

Your parents - may be liable for capital gains tax when they give it to you. Should they die within 7 years there may be inheritance tax to pay.

Where I say 'may' or 'could' it will depend on the figures whether there is any actual tax to pay