Selling inherited property in SE1?

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Wednesday 11 April 2018 1.44pm
Hi all.

I inherited a property from my parents after they both passed away a few months ago. I've been stuck paying the costs of running it since then because I just don't know what to do with it. However I really don't know what to do with it. I want to avoid moving if I can. If I sold it, would the money I get from it count as taxable income? Would it be worth just renting it instead? I earn just under the higher bracket according to this tax calculator, and don't want to push my income into the higher bracket. What do you think I should do in this situation?
Tuesday 1 May 2018 3.47pm
Hi Libby

All necessary taxes will have been paid out of your parents estate in order for Probate to have been granted (until you have probate you do not "own" your parents house and so you can't sell it). If your parents Will was properly constructed you can inherit 325k + 325k + 100k + 100k free from inheritance tax, as I understand it

If you have a grant of probate you can sell the property with no further tax liability, that's as I understand it.
Thursday 21 June 2018 12.11pm
Like bmovie said above, you shouldn't have any tax liability as long as your parents will was done properly. If you're not sure do contact an accountant and they'll be able to help with you.

You might also want to consider letting it out for extra income every month - this would go on top of your current income and so count as taxable income, amounts of which you can figure out with this salary tool.

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