Selling a property within 1 year of buying

[bekah]

Hey,

I have recently bought my parents house off them, and have spent the last few months renovating. However, my partner and I have decided to move into his house.

I have lived in the house for nearly 20 years, but only purchased it last year - if I decide to sell, will I be liable for a big tax bill on my profit, or does the fact that I have lived in it all these years count???

Any help will be greatly appreciated as usual!

[redcrx]

if you bought it and have lived in it for the last year as your primary residence then you wouldnt have to pay capital gains on it.

[gravytate]

i just did the same as you ! If you are going to see I would rent a place and wait for the market to crash. Then buy many properties and you will be a millionaire in 15 years time! I got my parents 3 bedroom semi fopr 30k. wat did u pay?

[Pippa68]

Flippin eck gravy, where do you live??

[gravytate]

well it was valued at like 120k. my parents v generous like...

[Pippa68]

Doolally more like ;o)