Do I need to pay tax on an inherited house?

[Pollyputthekettleon45]

Ive inherited a house. It's in bad shape, ivr been offered £75k privately and thinking of accepting.

Do I need to pay tax on this? There's no mortgage on it already.

It depends on the other assets of the deceased as to whether the estate would need to pay inheritance tax.

Also if the house was not the primary residence of the deceased, there may be capital gain on the transfer of the title to you.

I would get advice if I were you...

Capital gains tax, I meant

Yes I think so, as it's not your main residence. Capital gains.

Get advice!

There's no other assets. Just the house and just me. Probate and the land registry have gone through.
We was going to live in it but decided to sell it.
Solicitor is ringing me on Monday. Thank you for your advice.

We didn't. House was worth just over £100k
We did probate ourselves was really easy.

It's valued at £80k so we are making a loss. I've looked at the GOV website and what I can make out (apart from that it's confusing) that if you make a loss, which we have, we might not need to pay the tax?

Probate and Land registry went through fine.

If total assets below IHT threashold (which I think is around 200k.....it will be on line on GOV.UK ) then I would think not unless you were left it a long time ago and it has gone up massively in value then you have CGT to pay on the gain.

Cross posted. Ignore my advice above please. Ignore ignore ignore.

There is some incorrect advice here.

You inherited the property. Your base cost is the value at the date of death. On death the estate gets a CGT free uplift for all assets. So there would never be any CGT payable on the transfer of the property to you.

As the property has actually lost value sine transfer to you there is nothing to pay. Had it increased in value since then there might have been CGT to pay.

Ahhh thank you collaborate.