inheritance

[coochie]

Hi, my husband has been offered a property at a knockdown price, from an aunt, she was left the house in a will but never changed the deeds over to her own name - i know we will have to pay gift tax on the difference between the market value and the reduced price she sells to us for - my question is does she have to pay tax on what we pay her and also does she have to pay tax in her inheritance even though it was never in her name and she plans to sign it directly from her deceased brothers name to ours? She is an aunt through marriage so does that mean we are in the threshold B? any advice greatly appreciated
thanks

 

[mf1]

You might be better posting real figures.

And the house is your aunts so when she is selling it - it is a disposal ( if its not her principal private residence), and she may have a CGT liability. When she sees real figures, she might be less inclined to be selling at a knock down price.

" and also does she have to pay tax in her inheritance even though it was never in her name and she plans to sign it directly from her deceased brothers name to ours"

I love that - like the tax man will agree with that!

mf