I am asking for help with my mums tax return. She's in her 70s and never done one before. I have basic experience of doing mine and my husbands (landlords). My basic knowledge comes from reading HMRC help guides and phoning them for advice.
My mum wasn't able to sell her house even though it was on the market for 3 years. She needed living accommodation on one level, that was her reason for trying to sell. She had lived there 20 years and it was mortgage free.
She therefore rented out her house and rented a suitable property herself. This was 3 years ago. As I am a landlord I was then able to do her relatively easy tax returns for her. A year ago when her tenant left she decided to try and sell again, and sold it almost immediately (without her ever returning to live there). It sold for around £117,000.
So now it comes to me doing her tax return again for her and I haven't a clue about capital gains tax? Will she need to pay it and if so what do we need to do with regards to her tax return?
She is on a state pension, no other income. The money from the sale is invested, in savings and being spent on her living expenses. She's not great with money!
Hope I've included everything relevant but please let me know if not.
Any help would be so great, feel really out of my depth with this one, and don't want to do it wrong.
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...to ask for help with capital gains tax
30 replies
toomanydicksonthedancefloor1 · 19/09/2017 16:37
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