My partner ended up being gifted her moms and dads’ bungalow about 19 years back. These are generally now dead and this woman is considering attempting to sell the home.
We now have never resided on it but family relations have actually. We now have never charged any lease to allow them to live there. Nonetheless, it is currently empty.
We wish to learn exactly how we can mitigate money gains income tax. We might start thinking about staying in the house and dealing with it as our primary residence but just how long would we need to live here (called ‘flipping’)?
Wouldn’t it be an option for my partner to present the house in my experience after which we offer it instantly? Additionally may I be an owner that is joint both of us could claim income tax relief when it is sold?
Every other options or advice will be gratefully gotten.
Attempting to sell up: just how do you reduce money gains taxation on a 2nd home? (inventory image)