Associate
- Joined
- 3 Oct 2014
- Posts
- 1,755
My parents had a house signed over to them many years ago (they had bought it all but in name). There is quite a big difference in the value from when it was signed to them and what it is worth now.
They have quite a substantial mortgage on their main property at the moment. They are looking to sell the second property to help pay off their current property which they live.
From what I understand selling the second property would have Capital Gains Tax applied to it.
If instead they sold their main property that they have lived in for 3+ years and moved into the second property. Would they be exempt from paying CGT on their main property?
They have quite a substantial mortgage on their main property at the moment. They are looking to sell the second property to help pay off their current property which they live.
From what I understand selling the second property would have Capital Gains Tax applied to it.
If instead they sold their main property that they have lived in for 3+ years and moved into the second property. Would they be exempt from paying CGT on their main property?