ChatterBank1 min ago
capital gains tax
if i sell my house will i have to pay any capital gains. It is my only property and i am now going to live with my son
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not if you've occupied it as your sole main residence during your ownership - CGT exempt.
if you are planning to give the money from the sale to one of the children to pay off their mortgage and then to move in with them, make sure you are legally protected.
It may sound awful, but i have seen these arrangements break down before with a parent having no rights in the childs house and then having difficulty extracting any money back to house themselves elsewhere if it does go pear shaped.
It may be worth getting legal advice and a deed drawn up by a solicitor to state the arrangement upon which you are giving the money - i.e. as a loan to the child only repayable upon you moving elsewhere/ repayable to your estate on your death/ giving you a right to live in that house until your death or even giving you a % share of the childs house equal to the sum you are contributing to the equity of that property.
if you are planning to give the money from the sale to one of the children to pay off their mortgage and then to move in with them, make sure you are legally protected.
It may sound awful, but i have seen these arrangements break down before with a parent having no rights in the childs house and then having difficulty extracting any money back to house themselves elsewhere if it does go pear shaped.
It may be worth getting legal advice and a deed drawn up by a solicitor to state the arrangement upon which you are giving the money - i.e. as a loan to the child only repayable upon you moving elsewhere/ repayable to your estate on your death/ giving you a right to live in that house until your death or even giving you a % share of the childs house equal to the sum you are contributing to the equity of that property.
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