Do I pay tax if I sell a house I inherited?

Q Am I liable for any kind of tax if I sell a house which has been left to me in a will? The market value of the house is approximately �170,000. IJ

A There would have been an inheritance tax bill if the total value of the estate (including the house) of the person who left you the property came to more than �325,000 (in the 2011-12 tax year), but the bill would have been paid by the estate.

When you sell the house you could be liable for capital gains tax if the sale proceeds, minus the value of the property at the date of death of the person who bequeathed it, is more than �10,600 (in the 2011-12 tax year). If it is less than that amount, there will be no tax to pay.

• Capital gains tax
• Inheritance tax
• Tax
• Property

Virginia Wallis

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Source: http://www.guardian.co.uk/money/2011/sep/21/tax-sell-house-inherited

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