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Hi Everyone
My son's gf moved out of her marital home 2 years ago, and into her and her husband's second home, which was originally their family home until 2010. They want to divide assets equally, sell both homes. They are both on deeds of both properties. House husband now lives in was bought for 235k in 2010 and now worth ca. 400k. House which wife (my son's gf) now lives in was bought for 35k in 1996 and was family home until 2010, when it was valued at ca. 140k. In last few years since moving back in wife has renovated it spent about 30k. And it's now on market for 230k. Wife is lower rate taxpayer and husband lost his job due to Covid. Gf is trying to work out how much cgt they each have to pay. Husband is going to rent once sold. Any light as to how to calculate their respective cgt would be greatly appreciated. Thank you
My son's gf moved out of her marital home 2 years ago, and into her and her husband's second home, which was originally their family home until 2010. They want to divide assets equally, sell both homes. They are both on deeds of both properties. House husband now lives in was bought for 235k in 2010 and now worth ca. 400k. House which wife (my son's gf) now lives in was bought for 35k in 1996 and was family home until 2010, when it was valued at ca. 140k. In last few years since moving back in wife has renovated it spent about 30k. And it's now on market for 230k. Wife is lower rate taxpayer and husband lost his job due to Covid. Gf is trying to work out how much cgt they each have to pay. Husband is going to rent once sold. Any light as to how to calculate their respective cgt would be greatly appreciated. Thank you
