Forum Home Search Login Register
+  Landlord Forum
|-+  General Category
| |-+  Finance
| | |-+  Do I pay tax when I sell my rental property

Do I pay tax when I sell my rental property

Pages: [1]
Print
Author Topic: Do I pay tax when I sell my rental property  (Read 422 times)
Newbie
Posts: 31

nowt as queer as tenants

« on: January 23, 2019, 07:19:20 PM »

HI - I live with my partner and am not named on her mortgage. Im selling my rental - which I lived in myself for 18 years and then rented out for 10. will I need to pay any tax on the sale?  I don't own any other properties.thanks in advance for any help
Global Moderator
Sr. Member
Posts: 357

I like poetry

« Reply #1 on: January 24, 2019, 11:03:25 AM »

Yes, you'll be liable to tax on about a third of the gain - you get principal residence relief for the time it was your principal residence, plus 18 months.

You can knock off selling costs, and then you have an annual allowance of about twelve grand.

You'll pay either 18% or 28% on what's left after that, depending on your marginal rate of tax.

I take it you're not married/in a civil partnership with your partner?
Newbie
Posts: 8

I like property

« Reply #2 on: January 25, 2019, 12:19:47 PM »

I'm married but my rental is in my sole name so what would I need to do to get the benefit from her  allowance
bearing in mind it's up for sale now ?  Is it too late to put it into joint  names?
Global Moderator
Sr. Member
Posts: 357

I like poetry

« Reply #3 on: January 25, 2019, 01:25:31 PM »

It shouldn't be a problem time-wise: all you've done so far is put the property up for sale, so it's not as if you're going to be exchanging contracts tomorrow.

Have a word with solicitor - you'll be needing one shortly for the conveyancing anyway - or an accountant. If it costs you a couple of hundred quid and saves you a few grand, it's got to be worth it.
Newbie
Posts: 31

nowt as queer as tenants

« Reply #4 on: January 25, 2019, 07:07:34 PM »

Hi no we aren't married or in a civil partnership. we both  have paid employment.  when I was living in the house I remortgaged it to pay off my ex wife - looks like it could be complicated.
Pages: [1]
Print