Hi, long time lurker first time poster:
I was recently speaking to a relative and they raised an interesting question . Having inherited a property in 2009, previously common interest IP (50/50) , following their partners passing they received 100% interest. They recently sold the property in 2015, for a capital loss to its 2009 value.
Are they up for Capital gains tax? or does the Capital loss balance out the Capital gain?
Thanks in advance
I was recently speaking to a relative and they raised an interesting question . Having inherited a property in 2009, previously common interest IP (50/50) , following their partners passing they received 100% interest. They recently sold the property in 2015, for a capital loss to its 2009 value.
Are they up for Capital gains tax? or does the Capital loss balance out the Capital gain?
Thanks in advance