26 Feb 2015

A question about : Advice on property that is rented out.

Own a property that is rented. Pay tax on the rent. Paid 47000 for the property and if sold would probably get about 65000. Am I right in thinking that there would be 18000 profit. So would pay 18% tax on Ј9000. But as Property shared ownership with another then as below Ј11000 then no tax payable.

Did get parents home following their death and rented out for a while which we paid tax on. When property sold in 2000 for Ј50000 I cannot remember paying any capital gains tax?

Best answers:

  • Think total of estate would have been about 130000 shared between two. House was Ј50000 when sold - should we have paid capital gains tax. I didn't know you paid income tax when left things in wills. I completed tax forms for the rent which was received.