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25 October 2011
On his death, a client left the matrimonial home to his widow. However, his widow was already living in a nursing home so it was not her only or main residence after acquisition
My client’s father died leaving the matrimonial home to his widow but the widow is already in a nursing home so the intention has been to sell the house as soon as possible.
Unfortunately there has been a water leak and the damage is not covered by insurance as the property was unoccupied. My client may repair the property in order to sell it or may try to sell in its current condition at a lower price.
If she repairs it the costs appear to be revenue in nature although there would be no income to set them against.
My inclination is that they would not be deductible in working out a capital gain (effectively creating a loss) on disposal but am I right? If she does not repair it the proceeds will be...
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