Rufus99

Thank you for your response. Just to clarify - the costs were not for a care home. The property is within a retirement complex and we have been required to pay property fees over the past 2 years, which would contribute to the up keep and improvement of the buildings. I have called the HMRC about this previously and have been told that it is a cost we would be able to offset because it is a cost we would not normally have incurred had we not inherited the property. Please can you clarify this because I am getting conflicting information?

We have recently sold my Mum's property following her death. She had lived in it for a number of years and it was looking very tired and worn. Prior to putting the property on the market we had it decorated and new carpets fitted, this improved how it looked after a number of years of neglect and therefore also improving it's value. Are we able to offset these costs against capital gains tax?

My Mum died in December 2021 and my sister and I are the sole beneficiaries of her estates. We completed the sale of Mum's retirement flat in March 2024 and I am aware that we will potentially need to pay capital gains tax within 60 days of the sale. The property was originally valued at £190,000 for inheritance tax and probate purposes, although we were well within the inheritance tax threshold. The property sold for £230,000, a shared gain of £40,000 before costs and CGT allowance of £6,000 each. I have some questions about the costs we are able to offset: - as it was a retirement property, we have incurred property management costs and fees of £7,000-£8,000 over the 2-3 years - are we able to offset these costs? I've had mixed advice on this, including a call to HMRC who said we could because it is a cost we would not have usually incurred. Please can you confirm this is correct? - we had a previous sale fall through in April 2022 as we were just about to exchange - are we able to offset the legal costs for this unsuccessful sale? I have attempted to use the calculator to work out if any CGT is due, but have a couple of questions in respect of this as well: - One of the questions asked whilst using the calculator is 'Are you claiming any CGT losses from tax years from before 2023 to 2024?', my response has been 'No', but I don't really understand what this question means. Am I also able to use my CGT allowance from 2022/23, which would have been £12,300 in that year? - Are we able to use my husband's CGT allowance for the 2023/24 year? As he is my spouse, is he also included in the 'gain', although he's not a named beneficiary?