You will have to pay Capital Gains Tax when selling an inherited property if the value increases from when the house was inherited to when you sell it. It is the difference in this values that is taxable.
If you are using the inherited property as your main residence you won’t have to pay GCT when you sell. CGT is only paid on properties that aren’t your main home. Therefore, if you were to live in the inherited property and sell your original home, you would have to pay Capital Gains Tax when selling.
If you want to sell your house fast and require guidance due to the complexities of inherited properties, the We Buy Any Home team is waiting to help. We can help you sell the property you have inherited with our hassle-free and efficient approach. Simply begin by securing a free cash offer today.
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