stu
Apprentice
Joined: 07 Jun 2006
Posts: 18
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 Posted: 02/04/08 - 00:19 Post subject: |
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| Hello Donna. Good thing for you to inherit what seems to be a lovely place. About taxes, well, here’s the thing. If you already own the place, you won’t have to pay for the stamp duty. Stamp duty is required for the land transactions. In this case, no transaction will take place. So, you don’t need to worry about it. What you should worry is inheritance tax. I think you should go to some expert to ask for advice on that. From what I know, I can tell you that inheritance tax can go up to 40% of the property’s value. As you can see, it is not a small amount of money. I just hope that it won’t affect your plans for renovating the house. Take care! |
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