Sale of Inherited Land

F

Fab_Boi

Guest
A few years ago my father died and left the family place between my mother and I...The house to my mother and the 3/4 acres field to me... My mother wanted to put all the place in my name and hers so we did that...Recently we sold the 3/4acre field... I am wondering what the tax implications are as i dont live at the home and would like to use the money to buy a place of my own where im working... Cheers for any help:)
 
Re: Taxation

Depends on the sale price and if it is under the treshold for inheritance tax also anything else he may have left to you needs to be taken into account.
 
Re: Taxation

Thanks

Well i that was it and selling for 120k.... i sure my solicter will know...
 
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