Posted on: 18th May, 2009 08:27 am
I have lifetime rights to a farm, my 3 children will get this farm when I die, if all 4 of us sign off to sell, they will pay me for my lifetime rights. The children will not have to pay inheritance tax, but will I? Also will I have to pay capital gains tax on the money my children give me, since I do not legally own this property?
Hi Guest,
As far as I can understand your situation, you will not have to pay any inheritance taxes. As you are not the owner of the property anymore, you will not have to pay the capitals gains tax.
Thanks
As far as I can understand your situation, you will not have to pay any inheritance taxes. As you are not the owner of the property anymore, you will not have to pay the capitals gains tax.
Thanks