Taxable Lump Sum
February 26th, 2009
Question: tax credits and selling a property?
if i sell my house and make some money will
i have to declare this as income as it is
not taxable as it is my main house although i will
recieve a lump sum from this into my bank account.
What if i borrowed an equivalent amount from the bank
before i recieve this sum to purchase another property
would it still be classed as income?
Answer: If you are selling your main house and have lived there for more than 2 years, you will not be taxed on the income. I wouldn't borrow more money to purchase another property. I would just use the proceeds from the sale of the house to purchase the new house. No taxes or fees in either direction that way. Good luck!
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