My spouse had been gifted her parents’ bungalow about 19 years back. They’ve been now dead and she actually is considering attempting to sell the house.
We now have never resided with it but family unit members have actually. We now have never charged any rent in order for them to live here. But, it really is now empty.
We wish to learn exactly how we can mitigate money gains income tax. We might give consideration to located in the house and dealing with it as our primary residence but just how very very very long would we need to live here (referred to as ‘flipping’)?
Would it not be an option for my spouse to present the home in my opinion then it is sold by me straight away? Additionally may I turn into a joint owner so each of us could claim income tax relief when it is offered?
Virtually any choices or advice will be gratefully gotten.
Attempting to sell up: just how do you reduce money gains taxation for a 2nd home? (inventory image)