Are you inheriting a property, and thinking of selling it to invest in another h Show Content
Are you inheriting a property, and thinking of selling it to invest in another home?
Before you do, you need to be aware of capital gains tax! This is the tax you pay on any profits you make from โdisposingโ of assets.
There are certain exemptions – it depends on factors like:
When the person you inherited the property from passed away,
How the property was used after their passing (if income was made from it),
And when you dispose of the property (within 2 years).
If youโre looking to buy a home while using the sale of your inherited property as funding, make sure to look into your potential CGT obligations!
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