I would like some basic pointers with regards to capital gains on an inherited house.
In 1984, my grandmother changed the deeds of her home adding my mother - with the intention of simplifying matters when she died - my mother would automatically inherit it.
My grandmother continued to be the sole resident - paying all bills and maintenance, until she died in 2004. Following her death, the property was valued at 165,000 pounds by multiple estate agents, and was immediately put on the market.
It has took 1.5 years to sell, during which the asking price was slowly reduced until now where an offer has been accepted for 150,000 pounds.
My mother owns her own home and has never lived at the property in question.
Will the fact that my mother had her name added to the deeds count against her - will capital gains be based on the value of the property at the time my mother's name was added? Or could this be treated as a lost of 15,000 - no GC applicable.
Thanks, David
=====Moderator: Is this a UK tax question, an Irish tax question, or a US tax question? It would help to know?